The Impact of First Republic Bank's Bailout on Wealthy Boston Clients and Shareholders.

Eleven of the largest banks in the US are giving $30 billion to First Republic Bank to prevent it from collapsing, which has a large financial footprint in Boston and the tech sector. Fear around First Republic has caused consumers to pull money from smaller banks, resulting in less credit available to small businesses. The rush to move cash from smaller to larger banks is due to the US Treasury not saying if uninsured deposits in small or regional banks will be protected. President Joe Biden announced that the FDIC would protect uninsured clients of Silicon Valley Bank.