March 16 (UPI) -- First Republic Bank, which took a beating after the closure of Silicon Valley Bank and Signature Bank, will be saved in a $30 billion deal with 11 of the largest banks in the United States.
Bank of America, Citigroup, JPMorgan Chase and Wells Fargo announced Thursday that each would make a $5 billion uninsured deposit into First Republic Bank.
Joining them, Goldman Sachs and Morgan Stanley will each make an uninsured deposit of $2.5 billion, while BNY-Mellon, PNC Bank, State Street, Truist and U.S. Bank will each make a $1 billion deposit.
"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 banks said in the statement.
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