Eleven US banks, including Bank of America, Citigroup and JPMorgan, have agreed to provide First Republic with deposits totaling $30 billion as a sign of their “trust in the US banking system,” the joint statement said.
“These actions by America’s largest banks reflect their trust in the First Republic and banks of all sizes and demonstrate their shared commitment to helping banks serve their customers and communities,” the statement said.
The Treasury Department, the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) confirmed in their own joint statement that eleven banks will contribute $30 billion to First Republic Bank.
Source: APE/MEB
Source: Kathimerini
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