First Republic Bank: Behind the scenes of the $30 billion bailout

with approval US TreasuryEleven of the largest banks in the United States decided on their own to enter to save The country’s fourth largest institution, First Republic Bank. Their simple and original intervention intended to show their confidence in the solidity of the establishment of San Francisco, which is struggling with large deposit withdrawals, a syndrome that sank in a few hours, last Thursday, its competitor and neighboring bank, Silicon Valley Bank. The crisis of confidence precipitated itself over the past weekend by placing Signature Bank under the custody of the Bank of New York.

Group of Eleven Banks on the initiative of the First American Corporation, c. B. Morgan ChaseSimply deposited a total of $30 billion in funds with First Republic. These are deposits that are not insured by the Federal Depository Guarantee Fund.