NEW YORK - First Republic will get $30 billion in deposits from JPMorgan Chase, Bank of America and nine other banks in a deal to prevent a wider crisis.
The rescue plan for First Republic is the latest bid to ease the fears of consumers and investors that the banking industry is in the midst of a growing crisis.
Less than a week after the sudden collapse of a trio of smaller banks dented the confidence of depositors across the United States, a group of 11 banks reached a $30 billion deal to prop up another lender caught in the turmoil.
First Republic Bank, which has been at the center of the crisis engulfing a sliver of the banking industry, will receive a huge injection of deposits from other lenders in a bid to stave off a collapse, the banks said on Thursday.
