__________________________________________________________________________________________________________
Here we go, kids!
Another Bank specializing in Tech loans and services for “High Net Worth Individuals”, but more of a Public bank than SVB was.
The Silicon Valley Bank failure contagion is SPREADING.
The FDIC is already on site at First Republic Bank trying to determine the best path forward to protect depositors. Things are moving way faster than expected given the accelerating bank run that has already reached a tipping point.
Confirmed just now that First Republic started throttling outbound wires today.
Today (Sat. 3/11/23) First Republic Bank of Calif FROZE ALL DEPOSITORS ACCOUNTS. Depositors have NO ACCESS to their Accounts and will not until Noon Monday (PST). This action being orchestrated by the The California Department of Financial Protection and the FDIC.
Be aware that FRB of CA is an Affiliate Bank (financial partner) of SVB. There are twelve more (!) Affiliate Banking and Financial Institutions in CA who are in Partnership with Silicon Valley Bank. — ALL of these Affiliate Financial Institutions are NOW AT RISK of INSOLVENCY via the Contagion. Keep this potential aspect in mind.
The MELTDOWN is only getting started. Monday on Wall St will be VERY CURIOUS indeed.
Source and discussions:
https://www.godlikeproductions.com/forum1/message5381691/pg1
Rose Rambles... 
Protect investors? lol there was built-in obsolescence in these things. They thought ‘TOO BIG TO FAIL.’ Guess not.
LikeLike
I agree, no lesson learned from 2008! 🌹😊
LikeLike