First Republic Bank customers lined up to withdraw their money Saturday as fears of a more significant banking crisis have spread throughout the industry.
In what looks an awful lot like the lead-up to the banking crisis in 2008, trading in several regional U.S. banks was halted on Friday amid a massive sell-off after the FDIC took over Silicon Valley Bank (SVB). Some of the affected regional U.S. banks were First Republic, Signature Bank, PacWest Bancorp, and Western Alliance Bancorp.
On Friday, the share price of First Republic Bank declined nearly 50 percent after the collapse and FDIC takeover of SVB — the second largest bank collapse in U.S. history. Today customers could be seen lining up at First Republic Bank branches throughout California in a desperate attempt to pull their money out.
NEW: Bank run in Los Angeles at a First Republic Bank branch. Biden’s America: Bank lines today, bread lines tomorrow. @CollinRugg
