11 big banks create US$ 30 billion rescue package for First Republic

New York, March 17

Eleven of the biggest banks in the United States announced a US$ 30 billion rescue package for First Republic Bank on Thursday, in an effort to prevent the California-based bank from becoming the third bank to fail in less than a week and head off a broader crisis in the banking sector.

First Republic serves a similar clientele as Silicon Valley Bank, which failed Friday after depositors withdrew about US$ 40 billion in a matter of hours. It appears that First Republic, which had deposits totalling US$176.4 billion as of December 31, was facing similar issues

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