First Republic Bank shares have been hit hard over the past week following the failures of two large U.S. regional banks, Silicon Valley Bank and Signature Bank. On Thursday, shares of the bank and many other financial firms rallied after the biggest banks in the U.S. swooped in to rescue the San Francisco lender. Under the plan, 11 banks including JPMorgan Chase & Co. would place $30 billion in deposits at First Republic, using their own funds, confirming an earlier report by The Wall Street Journal.
First Republic was one of the banks to be swept up in the contagion that followed the March 10 failure of SVB Financial Corp., the parent of Silicon Valley Bank, because of some similarities including their size, their largely wealthy client base and the largely uninsured nature of their deposit bases.
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