Group of big banks pumps $30 billion in battered First Republic

BREAKING: 11 major U.S. banks will send $30 billion to First Republic Bank amid concerns about its financial stability.

Thursday they are sending a combined $30 billion to shore up First Republic Bank, a regional bank in California that raised concerns in the wake of the sudden collapse of Silicon Valley Bank.

In a joint statement Thursday, the banks said that their cash infusion shows"confidence in First Republic and in banks of all sizes." First Republic Bank saw its share price go through a wild ride this week, sinking as much as 36% in early trading Thursday before closing the day up 10%. Moody's downgraded First Republic's credit rating this week, noting that the bank is"more sensitive to rapid and large withdrawals from depositors" than its peers. First Republic has also seen its market value shrink from more than $22 billion in January to less than $7 billion so far.

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