The beleaguered First Republic Bank will receive $30 billion from the top U.S. banks in a bid to stabilize the troubled firm, the banks confirmed in a joint statement Thursday.
Eleven of the largest U.S. banks will provide an infusion to the bank following a volatile week that saw the lender’s stock plunge following the collapse of Silicon Valley Bank (SVB) last week, the institutions said, confirming anonymously sourced reports there were discussions to shore up First Republic.
“The actions of America’s largest banks reflect their confidence in the country’s banking system. Together, we are deploying our financial strength and liquidity into the larger system, where it is needed the most,” the banks said in a statement Thursday. “Smaller- and medium-sized banks support their local customers and businesses, create millions of jobs and help uplift communities. America’s larger banks stand united with all banks to support our economy and all of those around us.”…