First Republic Bank could see $30B in rescue deposits coming, report says
By Editor - Thu Mar 16, 11:10 am
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An agreement among a group of the nation’s largest banks to deposit some $30 billion with First Republic Bank could be coming this week, according to a Bloomberg report . Bloomberg reports that banks said to be involved in this deal include JPMorgan Chase & Co., Citigroup Inc., Bank of America Corp., Wells Fargo & Co., Morgan Stanley, U.S. Bancorp, Truist Financial Corp. and PNC Financial Services Group Inc. A spokesperson from First Republic Bank declined to comment on the new deposits. News of a possible rescue sent shares of First Republic Bank as high as $39 per share in early afternoon trading Thursday on the New York Stock Exchange. As TechCrunch colleague Alex Wilhelm reported this week, First Republic’s trading week started off with a challenge with shares falling 62% on March 13 as the bank got caught up in the Silicon Valley Bank collapse . First Republic’s shares were rebounding as news about the potential new deposits went out
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First Republic Bank could see $30B in rescue deposits coming, report says
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