BREAKING: A group of the largest U.S. banks pledge $30 billion to stabilize First Republic Bank after its stock was pummeled in a wave of nerves over the banking system.
March 16, 2023, 8:19 PM UTCA group of financial institutions has agreed to deposit $30 billion in First Republic Bank in what’s meant to be a sign of confidence in the banking system, the banks announced Thursday afternoon.
“This action by America’s largest banks reflects their confidence in First Republic and in banks of all sizes, and it demonstrates their overall commitment to helping banks serve their customers and communities,” the group said in a statement. The news comes after First Republic’s stock has been pummeled in recent days, sparked by the collapse of Silicon Valley Bank last Friday and Signature Bank over the weekend. Both of those banks had a high number of uninsured deposits, as did First Republic, leading to concern that customers would pull their money out. The new deposits from the major banks are uninsured.. The stock was halted repeatedly during the session and rose to $40 per share at one point, up more than 20% on the day.
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