First Republic and PacWest Bancorp plunge as fears of contagion grow following the biggest bank failure since 2008
Both regional banks are headquartered in California, are growth-oriented, and have exposure to the same type of venture capital clients that Silicon Valley Bank had. A sizable amount of PacWest's lending portfolio is tied to real estate owned by venture capital firms, and First Republic has been wooing venture capital clients for years. , which has crashed 58%.
Those comments helped relieve fears that a bank run could seriously dent the company as it did Silicon Valley Bank, which suffered significantly after several
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