Bank of America BAC, Citigroup C, JPMorgan Chase JPM and Wells Fargo WFC said Thursday that they are each making $5 billion in uninsured deposits into First Republic Bank FRC as part of a $30 billion backstop by 11 banks against the ravaged banking landscape of the past week.
First Republic’s FRC stock rallied 11%, after hitting an all-time low earlier in the session as speculation had increased about another bank collapse after the failures of Silicon Valley Bank, Silvergate Bank and Signature Bank in the past week.
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