First Republic Reaches Rescue Deal: Live Updates on Banks and Stock Market – The New York Times

The lender will receive $30 billion in deposits from other banks in an effort to restore confidence in the banking system. Earlier, Treasury Secretary Janet Yellen told a Senate panel that the banking system “remains sound.”

Here’s the latest on banks, stocks and interest rates.

Less than a week after the sudden collapse of a trio of smaller banks dented the confidence of depositors across the country, 11 banks reached a $30 billion deal to prop up another lender caught in the turmoil.

First Republic Bank, which has been at the center of the crisis engulfing a sliver of the banking industry, will receive a huge injection of deposits from other lenders in a bid to stave off a collapse, the banks said on Thursday.

…(read more).

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