First Republic Bank Plunges 66%, Western Alliance Down 62%, Customers Begin Lining Up

The banking crisis deepened on Monday morning as several banks plunged in pre-market trading, causing customers to begin lining up to withdraw their funds.

The news comes after the implosion of Silicon Valley Bank (SVB) on Friday, marking the second-largest U.S. bank collapse in history.

On Sunday evening, regulators also shut down New York’s Signature Bank, striking more fears into the banking world.

The knock-on effects now appear to be hitting other banks hard.

Before Monday’s open, First Republic Bank was down a whopping 66% this morning.

The Western Alliance Bancorporation is also down 62%.

On Sunday First Republic Bank announced a strengthening and diversification of their liquidity position.

Then the bank plunged 66% overnight.

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Bank customers started lining up in California on Sunday.

In a speech on Monday, Democrat President Joe Biden told the American people that investors will “lose their money” because “that’s how capitalism works.”

READ MORE: Elon Musk Interested in Buying Collapsed Silicon Valley Bank

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By Frank Bergman

Frank Bergman is a political/economic journalist living on the east coast. Aside from news reporting, Bergman also conducts interviews with researchers and material experts and investigates influential individuals and organizations in the sociopolitical world.

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