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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Economy

Economy

First Republic Bank receives $30 billion in deposits from large banks

First Republic Bank Photo Credit: Morgan First Republic Bank Photo Credit: Morgan
First Republic Bank Photo Credit: Morgan First Republic Bank Photo Credit: Morgan

As part of a rescue plan for First Republic Bank (FRC.N), several large banks said Thursday that they had deposited $30 billion.

The statement names JPMorgan Chase & Co (JPM.N), Citigroup Inc (C.N.), Bank of America Corp (BAC.N), Wells Fargo & Co (WFC.N), Goldman Sachs Group Inc (GS.N), Morgan Stanley (MS.N), and others as rescuers.

Several big banks deposited $30 billion Thursday to rescue First Republic Bank (FRC.N).

Rescuers include JPMorgan Chase & Co (JPM.N), Citigroup Inc (C.N.), Bank of America Corp (BAC.N), Wells Fargo & Co (WFC.N), Goldman Sachs Group Inc (GS.N), Morgan Stanley (MS.N), and others.

A source said banks started the rescue, but the government supported it.

According to its annual report, First Republic, founded in 1985, had $212 billion in assets and $176.4 billion in deposits as of last year.

According to a Bank of America statement, 70% of its deposits are uninsured, above the norm of 55% for medium-sized banks and third highest behind Silicon Valley Bank and Signature Bank.

Reuters reported MorganThursday that Atlas S.P. Partners and PacWest Corp (PACW.O) are also discussing a liquidity increase.

Bloomberg News covered the rescue package and participants previously.


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