Shares of San Francisco-based First Republic Bank lost more than half their value, igniting fears that it may be the next bank to collapse.
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. "I think it will all settle down," San Jose State University assistant finance Professor Matthew Faulkner said."I do believe that the U.S. financial institutions overall are very sound. The guardrails in place are very good. They're much better capitalized than they were in 2008. I don't see this as a huge systemic problem barring that not everybody runs and tries to get their money out of banks.
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