. But analysts said other regional banks are less vulnerable because they have a more diverse customer base than SVB, which overwhelmingly catered to tech startups and venture capital firms. For banks like First Republic, the sell-off by investors amounted to a"dramatic overreaction" to the industry turmoil, according to JPMorgan analysts.
"With [First Republic] having a strong capital/liquidity position and diversified deposit base, we expect customers to return in mass to this port in the storm," they wrote in a research note. Alexander Yokum, an analyst with CFRA Research, told investors in a report that First Republic is a"resilient bank" and isn't at risk of being taken over by regulators.
The collapse of SVB, which for decades played a central role in Silicon Valley by funding innovative new companies, marked the largest failure of a financial institution since Washington Mutual crashed in Dan Ives, an analyst at Wedbush Securities, thinks SVB closure will have a bigger impact on California's startup scene than on the broader banking industry.
"The Cinderella story is over for SVB and the tech VC/startup community with this dark crash ending," Ives said in a research note."While venture debt lines and credit was much more easy to attain by the tech-friendly SVB, now startups face the arduous task of getting loans and banking relationships with large money-center banks or other regionals that will greatly scrutinize funding with a lab microscope.
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