First Republic Bank (FRC.N) and Western Alliance (WAL.N) said on Friday their liquidity and deposits remained strong, aiming to calm investors worried of a spill-over of risks from troubled startup focused-bank SVB Financial Group.
First Republic is about the same size bank as Silicon Valley Bank. First Republic was a $30-50 billion bank in 2021 and up until a few weeks ago was over $20 billion.
First Republic is the 14th biggest bank in the USA.
NEW: Bank run in Los Angeles at a First Republic Bank branch.
Biden’s America: Bank lines today, bread lines tomorrow.pic.twitter.com/Gkme05ssIa
— Collin Rugg (@CollinRugg) March 12, 2023
Scenes from First Republic bank branches in California today.
Monday’s going to be interesting… pic.twitter.com/Pas0Bcut2Y
— Citizen Free Press (@CitizenFreePres) March 11, 2023
BREAKING: The FDIC is already on site at First Republic Bank trying to determine the best path forward to protect depositors. Things are moving way faster than expected given the accelerating bank run that has already reached a tipping point.
— Mike Alfred (@mikealfred) March 12, 2023
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