A group of United States financial institutions agreed to deposit $30 billion into First Republic Bank on Thursday.
Bank of America, Wells Fargo, Citigroup and JPMorgan Chase will reportedly contribute about $5 billion each, while Goldman Sachs and Morgan Stanley will deposit about $2.5 billion.
Meanwhile, Truist, PNC, US Bancorp, State Street and Bank of New York Mellon contributed around $1 billion each.
In a statement, the banks said the move reflected their confidence in First Republic and banks of all sizes.
He added that regional, medium and small banks are important to the health and functioning of the financial system in the United States.
Shares of regional banks initially fell in trading on Thursday, before bouncing back higher following the report.
First Republic shares have been hit hard this week due to the collapse of Silicon Valley Bank (SVN) and Signature Bank.
Both banks have high amounts of uninsured deposits, as does First Republic, leading to concerns among customers to withdraw their money from the bank immediately.
