When 60% of customers are in the same area with a lot of direct and indirect customer overlap, it doesn’t surprise me that FRC saw a more severe bank run after SVB than, say, WAL. I believe FRB offers a differentiated level of service (as SVB did) and will see deposits slowly flow back, so anything that buys them time increases the likelihood of them solving this without diluting shareholders, selling the whole thing at a discount, or taking heavy losses over an extended period. The P/L will be harmed for a while, but they offer too good a product to not recover over time. They were valued at a significant premium over book for good reason.