First Republic drops, bank stocks decline

. The bank said the move raises its unused liquidity to $70 billion, before any funding it could get from the new Fed facility.

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While First Republic is not as concentrated in one industry as SVB was with technology, the bank does tend to cater to businesses and wealthy individuals who tend to have large uninsured deposits.

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While SVB had an unusually high percentage of uninsured deposits, there are other mid-sized banks that could be at risk of large withdrawals.

"We believe regionals with less diversified and large uninsured deposit bases are at risk of deposit flight but not at the speed of SVB and they should have time to tap wholesale funding markets (such as FHLB) and raise cash levels. In a fragile environment like we are in, we believe banks should be cautious about the potential negative signaling effect of raising deposit rates to keep deposits," Citi analyst Keith Horowitz said in a note to clients.