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11 US banks deposit $30 billion into First Republic Bank

Mohamed Abdelhamid 17 March, 2023 12:36 am Global Stock Market, Market Update

In a short statement, the Federal Reserve, the Department of the Treasury, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) announced a massive deposit of 11 banks into the Frist Republic Bank.

US markets are up on Thursday, with the Dow Jones up by more than 1% and the Nasdaq gaining by 2.45%. The support from banks to the Frist Republic Bank was a key factor in today’s rally. Shares of the bank reversed a 36% decline, and near the end of the session, are up by 10%.

Full statement:
Today, 11 banks announced $30 billion in deposits into First Republic Bank. This show of support by a group of large banks is most welcome, and demonstrates the resilience of the banking system.

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