While only about one-third of Silicon Valley’s deposits remained at the bridge bank following the bank run and its aftermath, North Carolina-based First Citizens Bank & Trust Co. expects to bring back some of those former deposits and customers.
It’s getting harder to write off two recent bank failures as outliers. But it’s unclear if that means it’s 2008 all over again or events are rhyming with a different financial crisis.
Despite message of reassurance from the White House, investors continued to dump shares in bank stocks Monday morning. Shares of First Republic Bank plunged more than 70 percent even after the bank said it was accessing emergency funding from the Federal Reserve.
The bank, which has a major presence in Massachusetts after buying Boston Private Bank in 2021, failed after depositors – mostly technology workers and venture capital-backed companies – began withdrawing their money creating a run on the bank.
