The banking sector continues to reel after the collapse of Silicon Valley Bank, with another Bay Area bank under financial pressure, as investors worry about the crisis spreading.

This is happening even though the Biden administration moved quickly to guarantee all deposits at Silicon Valley Bank, beyond the usual FDIC limits.

It’s astonishing how quickly Silicon Valley Bank unraveled, in just a matter of days, followed over the weekend by the failure of Signature Bank, in New York. Today shares of First Republic Bank, based in San Francisco, fell by about two-thirds, even though that bank remains open for business and well capitalized, according to its leaders, who say they’ve secured more financing from JP Morgan to make sure they could survive a run on the bank if one came. Meanwhile, those who depend on Silicon Valley Bank had a pretty nervous weekend before the administration stepped forward.

For more, Doug Sovern, Pattie Reising, and Brett Burkhart spoke with State Senator Dave Cortese of San Jose, whose district includes much of Silicon Valley and many customers and companies who bank at Silicon Valley Bank.