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Banks Unite to Rescue First Republic Bank with $30 Billion Deposit

Shares of First Republic sank as much as 23% on Friday, sending its losses for the week to a record 68%.[0] The bank had reported that its borrowings from the US Federal Reserve varied from $20 billion to $109 billion from March 10 to March 15, said it was suspending dividend payments and disclosed a dwindling cash position.[1]

In response to the crisis, 11 of the nation’s largest banks, including Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo, announced they were making a collective $30 billion uninsured deposit into First Republic Bank.[2] Goldman Sachs and Morgan Stanley each provided $2.5 billion, while Bank of New York Mellon, PNC Bank, State Street, Truist and U.S. Bank each put in $1 billion.[3]

The banks said in a joint statement that the action reflects their confidence in the country’s banking system. “Together, we are deploying our financial strength and liquidity into the larger system, where it is needed the most. Smaller- and medium-sized banks support their local customers and businesses, create millions of jobs and help uplift communities. America’s larger banks stand united with all banks to support our economy and all of those around us.”

The news comes one day after reports that the embattled First Republic Bank was considering a sale as well as options to enhance its liquidity.[4]

In response to the rescue, First Republic's Founder and Executive Chairman Jim Herbert and CEO and President Mike Roffler said “Their collective support strengthens our liquidity position, reflects the ongoing quality of our business, and is a vote of confidence for First Republic and the entire U.S. banking system.”[5]

Meanwhile, some optimism has returned to markets over the last 24 hours, with bank stocks stabilizing on both sides of the Atlantic and two-year yields surging back.[6] Even the European Central Bank’s decision to pursue a 50bp hike went without incident, and investors grew in confidence that the Fed would follow up with their own 25bps hike next week.[7] In Asia, US yields and equity futures are fairly stable.[7]

0. “Shares rise as Wall Street swoops to rescue First Republic” BBC, 17 Mar. 2023,

1. “First Republic Bank (NYSE:FRC) Share Price Falls Again” Bloomberg, 17 Mar. 2023,

2. “Big banks create $30 billion rescue package for First Republic” The Boston Globe, 16 Mar. 2023,

3. “First Republic Gets $30 Billion Lifeline from JPMorgan, Citi, Bank of America, Wells Fargo” Investopedia, 16 Mar. 2023,

4. “SVB crisis: First Republic Bank is looking at a possible sale, per BBG” Business Insider, 15 Mar. 2023,

5. “JPMorgan, BofA, 9 Other Banks Deposit $30 Billion in First Republic”, 17 Mar. 2023,

6. “Global markets rebound after US lenders rescue First Republic Bank” CNN, 17 Mar. 2023,

7. “Credit Suisse shares continue to slide; US banks join forces to rescue First Republic – business live” The Guardian, 17 Mar. 2023,