Customers across California lined up outside branches of First Republic Bank to withdraw their money. The bank run came over fears that First Republic might suffer the same fate as Silicon Valley Bank. Shares of First Republic tumbled 51% to $47.25 at 9:49 a.m. Friday in New York, while PacWest dropped 37%, triggering trading halts for both. Click here to read Todd’s commentaries ad-free for just $8 per month.
MARKET CRASH ALERT: Lines from at FIRST REPUBLIC BANK in Los Angeles..— Chuck Callesto (@ChuckCallesto) March 11, 2023
Scenes from First Republic bank branches in California today.— Citizen Free Press (@CitizenFreePres) March 11, 2023
Monday's going to be interesting… pic.twitter.com/Pas0Bcut2Y