First Republic Bank, which is facing a crisis of investor and customer confidence, will receive a $30 billion lifeline from a group of America’s largest banks.
“This show of support from a group of large banks is very welcome and demonstrates the resilience of the banking system,” the Treasury Department said in a statement Thursday.
Major banks include JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, and Truist.
The $30 billion infusion will give the San Francisco lender much-needed cash to meet customer withdrawals and bolster confidence in the US banking system during a tumultuous time for lenders.
A First Republic spokesman declined to comment.
