Eleven banks have pledged to deposit $30 billion in First Republic Bank ($FRC@US) after a tumultuous week for the regional bank. Bank of America ($BAC@US), Wells Fargo ($WFC@US), Citigroup ($C@US), and JPMorgan Chase ($JPM@US) will deposit $5 billion each. Goldman Sachs ($GS@US) and Morgan Stanley ($MS@US) will deposit about $2.5 billion each. Truist ($TFC@US), PNC ($PNC@US), U.S. Bancorp ($USB@US), State Street ($STT@US), and Bank of New York Mellon ($BK@US) will contribute about $1 billion each. The collapse of Silicon Valley Bank and Signature Bank has led to concerns that First Republic, which also has a high number of uninsured deposits, would soon follow. First Republic’s stock closed at $115 per share on March 8th, the eve of Silicon Valley Bank’s collapse. It tumbled nearly 70 percent over the past week and closed at $34.27 per share by Thursday’s close.
