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Contagion spreads: Desperate customers line up outside First Republic Bank to take their money out - after SVB bank collapsed and sent shockwaves through market
First Republic Bank customers lined up to withdraw their money Saturday This comes a day after the collapse of Silicon Valley Bank on Friday Both banks are associated with California's wine and tech
Dozens of customers lined up outside of a First Republic Bank in southern California on Saturday eager to withdraw their funds in the wake of the collapse of Silicon Valley Bank.
There had been fears following SVB's demise for First Republic's future when analysts pointed out the similarities between the estimated value of their assets versus the actual value.
The news of Silicon Valley Bank's collapse sent shockwaves through the wine industry. It had been the main financial institution for wineries in California for almost three decades.
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The California Department of Financial Protection and Innovation closed the bank on Friday after depositors, concerned about the lender's financial health rushed to withdraw their deposits. The frenetic two-day run on the bank blindsided observers and stunned markets, wiping out more than $100 billion in market value for U.S. banks.
By Friday night, thousands of wineries in northern California found that they were completely locked out of their accounts with no clear timeline as to when they might be able to access their funds.
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