Shares of Republic New York Corp. have seesawed in recent trading as investors reacted to foreign exposures and the resignation of a chief officer.

Shares closed Monday at $38.50, up $1.875, following a selloff Friday that took the stock down $3.75.

Republic stock does not deserve suchP a mass selloff, analysts say, but it is a stock to be approached cautiously. Gerard Cassidy, a banking analyst with Tucker Anthony, said Republic's stock moves on worries about offshore economies.

The company has $1.6 billion in outstandings to Latin America and $900 million of exposure to Asian banks, Mr. Cassidy said. But Republic is probably one of the more conservatively managed banks, with its primary business being private banking to the affluent, Mr. Cassidy said.

The banking company competes with firms like Bessemer Trust, Goldman Sachs & Co., and J.P. Morgan & Co.

"Republic is a very interesting investment," Mr. Cassidy said. "How aggressive buyers should be depends on the outlook for Latin America.

"We expect the company's outlook to remain clouded until the world financial crisis is resolved," he said.

Friday's sale of Republic stock involved a large block of shares that traded on downticks, suggesting the sale was confined to one large investor.

That day, Republic announced that vice chairman Robert Cohen had left the company. Mr. Cohen joined Republic two years ago as head of global private banking and U.S. corporate banking.

On Monday, the Standard & Poor's bank index fell 1.83% and the Dow Jones industrial average 0.14%. The Nasdaq bank index fell 0.77% and the S&P 500 0.52%.

First Union Corp. lost some more ground, closing at $51.75, off 75 cents.

Shares began losing ground last week when the company reduced its earnings projections, based upon reduced revenue expectations and an uncertain economic environment.

The selloff was overdone, some analysts say.

"First Union is in the process of building a bank with the best product set, technology, and market position on the East Coast," said David Hilder, banking analyst at Morgan Stanley Dean Witter.

Mr. Hilder rates shares a "strong buy" and said he is further encouraged about the company's prospects following a discussion with senior management.

Mr. Hilder said the stock should reach $68 per share within 12 months.

Parkvale Financial Corp. was unchanged at $20. The company disappointed some analysts by using Freddie Mac stock to boost profits.

Banking analyst Sharada Krishnappa at Parker/Hunter reduced her rating to "hold" from a "buy" after Parkvale sold 5,000 shares of Freddie Mac stock.

The sale left Parkvale with 112,000 shares of Freddie Mac stock, allowing the company to help continue to drive earnings growth in the 7% to 9% range for years.

"We do not believe this adds shareholder value, nor do we view it as a long-term positive," Ms. Krishnappa said.

In other activity, BankAmerica Corp. lost $1.625, to $65.25; Chase Manhattan Corp. fell 12.5 cents, to $76.8125; and Citigroup was off $1.5625, to $54.50.

Among regionals, Fleet Financial Group fell $1.0625, to $43.25; KeyCorp 93.75 cents, to $30.9376; and PNC Bank Corp. $1, to $50.1875.

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