Per Barrons

First Republic Bank was initially one of the most affected entities when Silicon Valley Bank collapsed. Instead of going silent, the bank announced that it could raise $70 billion in unused liquidity even before receiving funding from the Federal Reserve, per CNBC.

As SVB collapsed, the Federal Reserve launched a new Bank Term Funding Program to mitigate the effect by providing bank loans for affected entities for up to a year. Banks could avail of the loans in exchange for Treasurys or other high-quality collaterals.

Initially, First Republic Bank's $FRC shares dropped from $62.59 to $19.00 upon the collapse of Silicon Valley Bank, a 77% drop in price. Now, $FRC shares increased from $19.00 to around $48.51 as of press time.

Security filings revealed that First Republic had assets worth roughly $213 billion in December 31. Silicon Valley Bank was considered the largest US bank failure since 2008.

SVB previously had $212 billion in assets.

Unlike SVB, First Republic Bank did not concentrate on one industry. Silicon Valley Bank had most of its focus on the tech industry, catering to businesses, startups, and wealthy individuals with a lot of uninsured deposits.

First Republic CEO Mike Roffler and founder Jim Herbert gave a statement saying that their liquidity and positions remained strong and that they were above the "threshold for well-capitalized banks."

Amid the chaos, more individuals and businesses started flocking to bigger banks. Banks like JPMorgan Chase, Citigroup, and other large financial institutions reportedly saw an increased volume of new accounts opening.

In recent days, JPMorgan Chase alone reportedly received billions of dollars due to the increase of new accounts. Citizens Financial Group has reportedly shared that it would extend its bank hours temporarily to accommodate the influx of new account openings after the closure of Silicon Valley Bank, which saw major interest from people wanting to open new accounts.

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