Eleven of the biggest banks in the country have announced a $30 billion rescue package for First Republic Bank.
was shuttered on Sunday. It appears that First Republic, which had deposits totaling $176.4 billion as of Dec. 31, was facing similar issues.
The rescue package brought back memories of the 2008 financial crisis, when banks collectively came to the aid of weaker banks in the early days of the crisis. Banks then bought each other in hurried deals in order to keep the crisis from spreading further. First Republic shares had been down as much 36% earlier Thursday, but rallied after reports the rescue package was in the works. The stock closed up 10%.
“The actions of America's largest banks reflect their confidence in the country's banking system,” the banks said in a statement.
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Read more »