The banking crisis in the US financial system is intensifying. First, Silicon Valley Bank ( SVB ) collapsed, then Signature Bank ( SB ) closed over the weekend, and on Monday, shares of San Francisco-based First Republic Bank lost more than half their value, fueling fears that it might collapse next.
Concerns about First Republic, the 14th largest US bank with more than $213 billion in assets, have been growing since Friday. Over the weekend, numerous social media posts showed people queuing at the bank's Southern California branches.
First Republic Bank spent the weekend trying to reassure customers that their money is safe, releasing a statement saying the company is growing, diversifying, and strengthening its liquidity profile.
Despite the failures of SVB and SB and concerns about more than a dozen other banks, experts say they still see a healthy future for the U.S. financial system and most banks.
