Group of American Financial Institutions The First Republican Bank Was Saved This Thursday With $30,000 MillionThis is stated in a joint statement.

“Bank of America, Citigroup, JPMorgan Chase and Wells Fargo announced today that they will each make an uninsured deposit of $5 billion with First Republic Bank. Goldman Sachs and Morgan Stanley will each make an uninsured deposit of $2.5 billion, while BNY Mellon, PNC Bank, State Street, Truist and US Bank will make an uninsured deposit of $1 billion,” the document says.

Following the announcement, First Republic shares were up 11.42% as of 3:42 pm local time, 7:42 pm GMT, in stark contrast to the almost 30% drop earlier this morning.

The First Republic had the third highest level of uninsured deposits. among banks in the United States (USA), after Silicon Valley Bank (SVB) and Signature Bank, according to a note by Raymond James.

The San Francisco-based bank was moved to junk category (garbage) on Wednesday by both Fitch Ratings and S&P Global.

With this move, First Republic is unable to follow the path of Silicon Valley Bank and Signature Bank, entities shut down by the authorities on Friday and Sunday, respectively, in a move that set off a wave of panic that later spread to Europe.