Updated from Sept. 30Shares of First Marblehead ( FMD) plunged 10% Monday after the loan processor confirmed that big customer Bank of America recently backed out as a co-manager on an upcoming $1.68 billion educational loan securitization. Boston-based First Marblehead filed an updated registration statement for the offering in which Citigroup was substituted as a co-manager on the deal for BofA. A First Marblehead spokesman gave no explanation for BofA's decision to pull out of the deal, which is lead by Deutsche Bank. On Friday, TheStreet.com first reported that BofA had backed out of the offering in the wake of the gift-giving scandal involving former First Marblehead Chairman and CEO Daniel Meyers and a one-time top BofA student loan executive. Last Tuesday Meyers resigned from First Marblehead in conjunction with the firm's disclosure that he had given $32,000 in gifts to the BofA executive when she was heading up the student-loan division of the nation's second-biggest bank. It isn't clear if BofA's decision is directly related to the gift-giving scandal. If it were, it would be the first indication that the Charlotte, N.C., bank is reassessing its dealings with First Marblehead in the wake of the Meyers revelation. Officials with BofA declined to comment. Any move by BofA to scale back its relationship with First Marblehead could be significant, given that BofA is First Marblehead's second-biggest loan processing customer. First Marblehead, in its most recent fiscal year, serviced $2.7 billion in educational loans, of which $632 million was underwritten by BofA. In the wake of the scandal, a number of Wall Street analysts expressed concern that it would hurt First Marblehead's relationship with its three main customers, J.P. Morgan Chase ( JPM), BofA and Charter One, a division of the Royal Bank of Scotland.