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Bank Run in Los Angeles at a First Republic Bank Branch
- hnthrowaway0315 4y agoSocial media just spreads fear and uncertainty. We don't even know if it's an authentic bank run. But again I'd move $$ out regardless, not because of the social media post though.
- gauravphoenix 4y agoWhy would you move $ out regardless then? The very fact that you are moving $ out after reading on social media means that you are giving in to the panic being created by people who have shorted stocks of FRC etc.
- samstave 4y agoI think he may have intended to simply diversify/divest some of your holdings there - its a catch-22 kind of... Be safe, but perpetuate the 'run' or risk being caught with pants down if true...
- hnthrowaway0315 4y agoJust to be on the safe side. (ai don't have $$ in that bank so just saying) The point is, the fact that someone is spreading rumors on Social media already half confirmed that someone out there is going to attack this bank. It could very well be a geniune group of depositors who wanted to get $$ out, or it could be paid by someone to pose like that. Either way, individuals have to protect their own best interest.
- simonblack 4y agoI once received a word-of-mouth warning that a particular credit-union was very shaky and to get my money out. I did, and passed on the warning to my girlfriend of the time. She believed the local manager who said her money was safe. A month or two later, that credit-union went under, taking my girlfriend's money with it. About 40 grand. About five years later, she was given back the money by the government-of-the-day, but principal only with no interest and depreciated due to inflation during that time. She probably lost the equivalent of 10-15% of her money.
- gauravphoenix 4y agoCare to share the name of the CU? not that I don't trust you but would to learn (by researching) more about the incident
- themediumkahuna 4y agoCompletely silly. FRC is a complete different animal than SVB. Shorts spreading FUD
- gauravphoenix 4y agoFYI: https://twitter.com/firstrepublic/status/1635005464584024064?s=46 https://twitter.com/firstrepublic/status/1635005464584024064... The bank is plenty liquid and has unused $60B credit line with fed. I hope we can use social media to educate people and not partake in creating another bank run.
- dougmwne 4y agoThis was posted on Saturday. Which first republic bank branch in LA is open on Saturday? The tweet says “today.” Is this real?
- themediumkahuna 4y agoPhoto appears to be Friday as SVB stock and FRC stock were melting
- gnicholas 4y agoI don't know about LA, but there is a branch open on Saturday 9-12 in Menlo Park. Most of the branches are not open on Saturdays though.
- sql-spy 4y agoIf you're the first out the door, that's not called panicking
- DemocracyFTW2 4y agoit's a video showing a queue of people under the awnings of a building, somewhere
- loeg 4y agoThere's a visible First Republic Bank banner on a building, although it might not be the one people are queuing in front of.
- gus_massa 4y agoIt looks like the correct building https://www.google.com/maps/@34.0530903,-118.468007,3a,90y,166.8h,88.58t/data=!3m7!1e1!3m5!1sHNvHu5pZnzAUI45zIoVP5A!2e0!6shttps:%2F%2Fstreetviewpixels-pa.googleapis.com%2Fv1%2Fthumbnail%3Fpanoid%3DHNvHu5pZnzAUI45zIoVP5A%26cb_client%3Dmaps_sv.tactile.gps%26w%3D203%26h%3D100%26yaw%3D76.930534%26pitch%3D0%26thumbfov%3D100!7i16384!8i8192 https://www.google.com/maps/@34.0530903,-118.468007,3a,90y,1... When/Why/What is the people doing there is a harder question.