2 More Banks Seek to Reassure Customers After Silicon Valley Bank Collapse

A file photo shows a First Republic Bank location in New York City. Google Street View

California-based First Republic Bank and Arizona-based Western Alliance Bancorporation both attempted to calm nerves around the collapse of Silicon Valley Bank after shares for both financial institutions plunged in the past week or so.

First Republic Bank told customers that their deposits were safe amid fears of spillover caused by SVB’s collapse late last week and as shares of First Republic Bank dropped 33 percent over the past five days.