Customers line up at First National Bank on Sunday
Here we go.
First Republic Bank is down 66% this morning before Monday’s open.
Here we go. https://t.co/5wirp2c4O8
— Catturd ™ (@catturd2) March 13, 2023
The Western Alliance Bancorporation is down 62%
JUST IN 🚨 Bank stocks in pre-market trade:
Western Alliance Bancorporation down 62%
First Republic Bank down 64%
PacWest Bancorp down 42%
Charles Schwab down 8.52% pic.twitter.com/0uNPxAq72f
— Insider Paper (@TheInsiderPaper) March 13, 2023
On Sunday First Republic Bank announced a strengthening and diversification of their liquidity position.
Then the bank fell 66% overnight.
Today, we announced a further strengthening and diversification of our liquidity position. This increase in available liquidity further reinforces the safety and stability of First Republic. We are grateful to our clients for their continued support. https://t.co/eucaVOEjoy
— First Republic (@firstrepublic) March 13, 2023
Bank customers were lined up in California on Sunday!
People lining up to pull money out of First Republic Bank in Brentwood, LA this weekend.
Wealthy neighbourhood with many uninsured accounts over $250,000.
The banks stock is down 33% in the last week.
Is this what the start of a bank run looks like? pic.twitter.com/yU1xR8JKUw
— Genevieve Roch-Decter, CFA (@GRDecter) March 12, 2023
But don’t worry. Joe Biden is going to stumble through a speech at 9 AM ET to calm the financial sector.
Jim Hoft
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