RBC Wealth Management has landed two more veteran advisors in California from the embattled First Republic, according to a news release.

Brian Addington and Theresa Allen managed a combined $555 million in client assets. They follow on the heels of a couple of other high-profile departures. This week, First Republic lost a $13 billion team, Constellation Wealth Advisors, to Chicago-based Cresset Capital, according to Barron's.

The RBC advisors, Addington and Allen, are following the Todd Halbrook and Adam MacDonald Wealth Management Group, a $1 billion team that exited last week to join RBC in Newport Beach.

Addington, a managing director and financial advisor who oversaw $300 million in client assets at First Republic, has joined RBC’s San Francisco office. He had been with First Republic for two years and Merrill Lynch for 10 years before that, according to BrokerCheck. He began his career with Merrill Lynch in 1997 and worked for a few other firms including Wells Fargo before rejoining Merrill in 2009.

Allen, a managing director and financial advisor overseeing $255 million in client assets, has joined RBC’s Newport Beach office. She had been with First Republic for 12 years. She began her career in 1992 with Invest Financial Corporation and worked for a few other firms including UnionBanc Investment Services LLC before joining First Republic in 2010.

The release noted that both advisors chose RBC for its “supportive, advisor-centric culture” as well as its “strength and stability.”

First Republic has seen a number of its advisors head for the exit to join competitors since being caught up in the regional bank crisis that rocked Silicon Valley Bank and others.

Last month, 11 banking institutions—Bank of America, Citigroup, JPMorgan Chase, Wells Fargo, Goldman Sachs, Morgan Stanley, BNY Mellon, PNC Bank, State Street, Truist and U.S. Bancorp—injected $30 billion in deposits into First Republic to help rescue the bank.

First Republic declined to discuss how many advisors the bank has lost so far or the steps it’s taking to stem the bleeding. It did, however, issue the following statement suggesting that the impact has not been significant.

“Wealth management assets from teams that have departed were responsible for less than 20% of total wealth management assets as of March 31, 2023. We anticipate retaining a portion of the wealth management assets" associated with departing teams.

The statement added that as of April 21, the bank has “retained nearly 90% of wealth professionals. This is a testament to the terrific wealth management franchise our talented teams have built over the years. We remain fully committed to our integrated banking and wealth management model, and the unique benefits it provides to clients.”

On Tuesday, Bloomberg reported that the bank is considering selling up to $100 billion of debt and securities to balance its books.

Meanwhile, RBC lauds its latest recruits. “We are thrilled to welcome Brian to the firm, as he shares our client-first values and is well-respected in the San Francisco community for developing lasting relationships with clients,” said Michael Schipper, the director of RBC Wealth Management’s Northern California complex, in a statement.

“Theresa is another fantastic addition to our rapidly growing Newport Beach office,” said Michael Melton, the Southern California complex director at RBC Wealth Management—U.S. “She goes above and beyond to provide exceptional client service and innovative strategies that support her clients’ financial needs and goals.”