Dozens of buyers lined up outside First Republic Bank in northern California on Saturday want to withdraw their funds after the collapse of Silicon Valley Bank.

After SVB’s demise, there were concerns about the future of First Republic when analysts noted the similarity between the estimated value of their assets and the actual value.

Brentwood is located in Golden State Wine Communityy, south of Napa Valley, with the area’s vineyards, notably Bloomfield, Tamayo and Hannah Nicole, gaining international attention in recent years.

News of the collapse of Silicon Valley Bank sent shockwaves through the wine industry. It was the main financial institution for wineries in the California for nearly three decades.

The California Department of Financial Protection and Innovation closed the bank on Friday after depositors worried about the lender’s financial health rushed to withdraw their deposits. The frenzied two-day run on the bank blindsided observers and stunned markets, wiping out more than $100 billion in the market value of U.S. banks.

After the demise of SVB, there were concerns about the future of First Republic, when analysts noted the similarity between the estimated value of their assets and the actual value

First Republic in the Bank District of Brentwood, in the Golden State’s winemaking community

First Republic issued a statement on March 10 seeking to reassure investors, pointing to its “continued safety and stability and strong capital and liquidity position.”

Founded in San Francisco in 1985, First Republic has 80 locations in 11 states across the country – mostly on the West and East coasts

By Friday evening, thousands of wineries had discovered that their accounts had been completely locked out, with no clear timetable for when they would be able to access their funds.

On March 10, First Republic issued a statement seeking to reassure investors, pointing to “continued safety and stability and strong capital and liquidity.”

Founded in San Francisco in 1985, the bank has 80 branches in 11 states across the country – mostly on the West and East coasts.

The main difference between the two banks is that Silicon Valley Bank’s debt was in securities, while First Republic’s was in loans.

Similarly, both First Republic and Silicon Valley Bank rely heavily on customer deposits: First Republic’s affluent and Silicon Valley Bank’s technology startups and venture capital investors.

With interest rates rising, First Republic customers have plenty of other places to park their cash and try to withdraw.

California Gov. Gavin Newsom said Saturday that he was speaking with the White House to help “stabilize the situation as quickly as possible, protect jobs, livelihoods and the entire innovation ecosystem that has served as a tentpole for our economy.”

US customers with less than $250,000 in the bank can count on insurance provided by the Federal Deposit Insurance Corporation. Regulators are trying to find a buyer for the bank in the hope that customers with more money can be fixed.

A worker was seen telling customers the bank was closed in Santa Clara, California on Friday

Santa Clara police officers leave the headquarters of Silicon Valley Bank in Santa Clara, Calif., on Friday. The Federal Deposit Insurance Corporation (FDIC) seized SVB’s assets today after depositors – mostly tech workers and startup firms – sparked a flight from the bank following a shocking announcement of $1.8 billion in losses.

Kendra Cavala, co-founder of Maker, a canned wine company based in the Bay Area, noted that Silicon Valley Bank was “the gold standard in the wine industry.”

Wineries make up 2 percent of the bank’s total lending business, but the effects are far-reaching, including not being able to pay employees, bills or credit card payments. Pictured are rows of grape vines growing in a vineyard in Napa, California (file photo)

Kendra Cavala, co-founder of Bay Area canned wine company Maker, called the news “terrifying,” noting that the Silicon Valley bank was “the gold standard in the wine industry.”

When she started Maker four years ago, choosing the right banking partner was a simple matter.

“The technology and the businesses are well capitalized, but this can be a really big payoff for independent wineries,” Cavala said.

“We have never experienced anything like this. No one knows how it will end.”

Wineries make up 2 percent of the bank’s total lending business, but the effects are far-reaching, including not being able to pay employees, bills or credit card payments.

Michael Roffler, President and CEO of First Republic

Silicon Valley Bank, the nation’s 16th largest bank, has loaned more than $4 billion to wineries and vineyards since 1994.

“It’s a big disappointment,” said winemaker Jasmine Hirsch, general manager of Hirsch Vineyards in California’s Sonoma County.

Hirsch said she expects her business to be fine. But she worries about the broader implications for small winemakers looking for lines of credit to plant new vineyards.

“They really understand the wine business,” Hirsch said. “The disappearance of this bank as one of the most important lenders will certainly affect the wine industry, especially in an environment where interest rates have risen.”

The founder of Silicon Valley Bank’s wine division, Rob McMillan, who will write the annual results, declined to comment on the situation yet, but he has built a reputation for the bank as one of the few institutions that really understands the wine industry.

The data collected by the bank was the source of data that the wineries will use to make decisions about future sales, marketing and agriculture.

The bank had a unique perspective on the industry because of the number of clients it helped finance.

The loss of the annual report, in particular, means that wineries will not have access to the comprehensive analysis that many used to make decisions.

The new bank was created Friday by the Federal Deposit Insurance Corp., Santa Clara National Bank, to hold the Silicon Valley bank’s remaining deposits and assets.

But only accounts containing $250,000 or less are insured by the FDIC.

Employees at Silicon Valley Bank have been offered 45 days’ pay and a half by the Federal Deposit Insurance Corp., the US regulator that took over the bankruptcy, according to an email to employees seen by Reuters.

Workers will be registered and will receive information about weekend benefits from the FDIC, while health care details will be provided by former parent company SVB Financial Group, the FDIC wrote in an email titled “Employee Retention” late Friday. At the end of last year, SVB employed 8,528 people.

The employee was ordered to continue to work remotely, except for core employees and branch employees.