Breaking: First Republic Bank received $30 billion in deposits from 11 banks in a deal to support the beleaguered lender, U.S. regulators said
Eleven banks have deposited $30 billion in First Republic Bank , according to a joint statement from the heads of the Treasury, Federal Reserve, Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency.
“This show of support by a group of large banks is most welcome, and demonstrates the resilience of the banking system,” the federal officials said.
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