Group of 11 US private banks to deposit $30B to shore up First Republic

Published March 17, 2023 3:48am

First Republic Bank is displayed on a monitor on the floor of the New York Stock Exchange (NYSE) on March 16, 2023 in New York City. Stocks fell again in morning trading as investors continue to show concerns over the stability of global banks following the collapse last week of Silicon Valley Bank. Spencer Platt/Getty Images/AFP

NEW YORK - A consortium of 11 large US banks announced Thursday they are depositing a total of $30 billion in First Republic Bank to shore up the embattled California lender.

The move marks a dramatic coordinated initiative by private lenders to bolster the system following failures of three midsized lenders in the last week.

"This action by America's largest banks reflects their confidence in First Republic and in banks of all sizes," the group said in a news release. -- Agence France-Presse

Tags: First Republic Bank