Customers of First Republic—the San Francisco-headquartered bank that caters to high-net-worth clients and businesses—were lining up at various California branches ton Monday following the collapse of Silicon Valley Bank (SVB) and Signature Bank over the weekend. That day waiting outside First Republic’s Montgomery Street branch in San Francisco, a California business owner named Chad told The Epoch Times that he is concerned about whether he can withdraw his more than $1 million stored at the bank. The business owner had just finished transferring funds from SVB—where he was also a customer—and is now trying to diversify.
“We’ve transferred some money into Wells [Fargo] as well,” he said. “We’ve spread out our risk.”…