First Silicon Valley Bank collapsed, then Signature Bank closed over the weekend, and on Monday shares of San Francisco-based First Republic Bank lost more than half their value, igniting fears that it may be the next to collapse.
The worry over First Republic, the 14th largest bank in the U.S. with more than $213 billion in assets, has been growing since Friday. There were multiple social media posts over the weekend showing people lining up at First Republic locations in Southern California to withdraw their money. But in the Bay Area, NBC Bay Area didn't find any lines or as much concern on Monday.
First Republic spent the weekend trying to reassure clients that their money is safe, releasing a statement saying, "the additional borrowing capacity from the Federal Reserve, continued access to funding through the Federal Home Loan Bank and ability to access additional financing through JP Morgan Chase and Company increases, diversifies, and further strengthens First Republic's existing liquidity profile."
Despite the failures of SVB and Signature Bank and concerns about more than a dozen other banks, experts said they still foresee a healthy future for most banks.