First Republic shares were in free fall yesterday after the California-based bank revealed a $100 billion drop in customer deposits over the last four months, the Financial Times reported. Its stock price had already fallen by 93 percent this year. After yesterday’s revelation, it fell by a further 49.4 percent.

Another one bites the dust? First Republic is apparently in conversations with the United States government, which is “on high alert following the failure of Silicon Valley Bank and Signature Bank last month.”

There are conversations about other banks, which have already injected $30 billion into the ailing lender, to rescue it altogether. Other options are for the government to guarantee all deposits, as it did with Silicon Valley Bank. However, there are growing concerns that First Republic is running out of time to reassure investors and collapse could be imminent. The ripple effects of such a collapse could be felt far beyond American shores

The collapse of U.S. banks “underscores the importance of Europe continuing to make progress on banking union,” said Paschal Donohoe, president of the Eurogroup of eurozone finance ministers.

These bank failures are causing serious panic in Europe, just as Herbert W. Armstrong prophesied.

The Trumpet said: Here’s what we wrote in our booklet He Was Right:

In 1968, Mr. Armstrong wrote a letter discussing the catastrophic economic conditions that would plague the United States and Britain in the end time. “If the dollar is devalued, inflation will almost surely result,” he wrote, “and eventual economic collapse for the United States.” …

Over the next 20 years, Mr. Armstrong’s forecast became even more specific. In 1984, he wrote that a massive banking crisis in America “could suddenly result in triggering European nations to unite as a new world power larger than either the Soviet Union or the U.S.”

Trumpet editor in chief Gerald Flurry has called this Mr. Armstrong’s greatest personal prophecy. This emerging banking crisis points to its fulfillment.

To learn more about these events and this prophecy, watch Mr. Flurry’s Key of David episode “The Last Holy Roman Empire.”