Thursday, July 16, 2026

JPMorgan, Citigroup, others to rescue distressed First Republic Bank

A group of American banks are preparing to lend $30 billion to First Republic Bank to save it from collapsing.

• March 17, 2023
FIRST REPUBLIC BANK
FIRST REPUBLIC BANK

A group of American banks are preparing to lend $30 billion to First Republic Bank to save it from collapsing.

To prevent a collapse, First Republic, which has been at the epicentre of the crisis consuming a portion of the banking industry, would get a sizable infusion of deposits from other lenders, as announced on Thursday.

“This show of support by a group of large banks is most welcome and demonstrates the resilience of the banking system,” the bank’s treasury Department in a statement said.

The troubled San Francisco lender will receive the $30 billion to fulfil customer withdrawals and bolster trust in the U.S. banking industry.

To allay investors’ concerns and strengthen the banking sector, the midsize lender agreed to accept $30 billion in deposits from 11 banks on Thursday.

JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, and Truist are among the major banks releasing funds to First Republic.

Despite efforts over the weekend to stabilise its finances with $70 billion in emergency loans and other liquidity from the Federal Reserve and JPMorgan Chase, First Republic has lost more than 70 per cent of its market value since the collapse of Silicon Valley Bank.

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

farmers

Agriculture

FG tasks ECOWAS on leveraging financing strategies for agroecology

The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices

Katsina State

Politics

Katsina youths pledge to deliver over 2 million votes to Atiku

“Katsina State is Atiku’s political base because it is his second home.”

WaterAid logo

Lagos

WaterAid inaugurates 20,000-litre solar-powered water facility in Lagos community

Ms Mere described the project as a milestone in expanding access to safe water.

Sexual and Gender-based Violence (SGBV)

States

Group seeks stronger laws against gender-based violence in Bauchi

The roundtable was organised under the #HerVoice Project supported by Urgent Action Fund–Africa (UAF-Africa).

NEPC

Africa

NEPC seeks funding for ECOWAS trade promotion network

Ms Ayeni encouraged members of the organisation to continue to be more proactive.

Kaduna

States

IHRC seeks partnership with NDLEA to strengthen Kaduna anti-drug campaign

Mr Muhammad expressed optimism that the proposed partnership with IHRC-RFT would strengthen public awareness.

Delta State

States

Delta, electricity firm seal power transmission deal

The commissioner described the collaboration as a major milestone for the state.

Governor Mohammed Bago

States

NEC commends Niger projects during inspection tour

The Commissioner for Finance, Lawal Maikano, commended the team for the visit.