On March 13, 2023, following the collapse of Silicon Valley Bank, Silvergate Bank, and Signature Bank, First Republic led a wave of declining bank share prices, based on liquidity concerns. These concerns persisted even after First Republic secured emergency funding. Downgrading First Republic's shares, Raymond James wrote: "Despite the added liquidity sources, we believe deposit balances will remain under pressure in the immediate near term. While we believe the bank received some deposit inflows on Thursday during the bank run at SVB, additional panic among large depositors may have driven deposit balances lower since Thursday." On this news, First Republic's stock price fell $50.55 per share, or 61.83%, to close at $31.21 per share on March 13, 2023.