First Republic Bank became the third regional bank in less than two months to fail — joining SVB and New York-based — as many fear the banking contagion will continue to spread.

While not having the same tight associations with the tech industry as SVB, First Republic Bank did have an expanding technology division and served as the bank of a growing number of startups.

That likely was one reason the bank moved quickly during the collapse of SVB to shore up its own house, receiving funding from the and JPMorgan Chase to bring its reserves to $70 billion. 

In the end, that was not enough to assure clients, as the bank reported it had lost $102 billion in deposits in the first quarter — more than half of what it held at the end of last year.

Tech and banks

JPMorgan Chase will now take over First Republic’s $229.1 billion of assets and $103.9 billion in total deposits, as well as 84 offices in eight states.

The move likely will not ease concerns in the tech community, as all three banks had significant ties to the industry. 

SVB had relationships with more than 50% of all venture-backed companies in the U.S. and countless VC firms, while Signature Bank — mainly known for its real estate division — also had significant venture lending and crypto ties. 

Just on Friday, the a report on SVB’s collapse, concluding it was due to bank management’s inability to manage risk properly, and lax Fed supervision and regulation.

It also said SVB’s issues showed “systemic consequences through contagion” that can occur regardless of a bank’s size and role in the financial network.

That becomes truer by the day.

Further reading:

SVB Collapse ‘A Textbook Case Of Mismanagement’ — Fed Report

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Stocks are down, we haven’t seen S-1 filings from startups we anticipated would go public this year and some newly public companies are seeing their valuations plummet.

There have only been a few venture-backed companies to go public so far this year. Health care startup was the first, followed by mattress startup . Let’s take a look at how they’ve fared dealing with the choppy conditions of the market.

One Medical

IPO Price: $14

Open Price on Wednesday: $20.31

One Medical’s stock is well above its IPO price from January, but it plummeted last Thursday to $19.10 as the coronavirus situation in the U.S. and beyond got worse. The stock recovered a bit to $21.30 by the close of market on Friday after President Donald Trump addressed the nation about efforts to combat the effects of coronavirus, and the Federal Reserve said it would give more liquidity to the market.

It makes sense that One Medical is doing well, relatively speaking. Its stock hasn’t been battered as much as some others, likely because it is a health care company. Since the company went public at the end of January, its stock has been on a bit of a roller coaster ride, but it looks like it’s climbing up. It opened on Wednesday at $20.31.

Casper

IPO Price: $12

Open Price on Wednesday: $4.19

Casper’s IPO did not go well. The company initially priced its shares between $17 and $19, but had to lower that range to $12 to $13 before ultimately pricing at $12. The company was last privately valued at $1.1 billion but went public with an IPO price that gave it a valuation of less than a half-billion dollars. Since then, its stock price has been on a pretty steady decline. Casper’s stock opened at $4.19 on Wednesday, and it’s all-time low was $4.05.

Consumer-facing companies are seemingly taking one of the  worst beatings in the market. Casper’s public debut was lackluster, to say the least, and it’s been a little over a month since its rocky start and things aren’t looking up.

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