11 banks in US announce USD 30 billion rescue package to prevent First Republic Bank from becoming third bank to collapse
Shortpedia
Content Team![](https://assets.shortpedia.com/uploads/2023/03/17/1679035854.jpg?tr=w-720,ar-3-2,cm-pad_resize,bg-F3F3F3)
Image Credit: npr
Eleven of the biggest banks in the United States announced a USD 30 billion rescue package for First Republic Bank on Thursday, in an effort to prevent the California-based bank from becoming the third bank to fail in less than a week. First Republic serves a similar clientele as Silicon Valley Bank, which failed Friday after depositors withdrew about USD 40 billion.