The US government is trying to orchestrate a rescue of First Republic Bank, FRC, with the aid of the nation’s biggest banks

The US government is trying to orchestrate a rescue of First Republic Bank, $FRC, with the aid of the nation’s biggest banks, per Bloomberg.

Banks including JPMorgan Chase & Co., Citigroup Inc., Bank of America Corp., Wells Fargo & Co., Morgan Stanley, U.S. Bancorp, Truist Financial Corp. and PNC Financial Services Group Inc. are part of the discussions.

The biggest banks, including JPMorgan, Bank of America, Citigroup and Wells Fargo would contribute $5 billion of deposits each, per Bloomberg.

Yesterday, First Republic Bank, $FRC, was said to weigh options including a sale.

First Republic said Sunday that it had more than $70 billion in unused liquidity to fund operations

However, Bloomberg first reported that it is considering a sale.

On Sunday, the bank said: “The additional borrowing capacity from the Federal Reserve, continued access to funding through the Federal Home Loan Bank, and ability to access additional financing through JPMorgan Chase & Co. increases, diversifies, and further strengthens First Republic’s existing liquidity profile."

Read more: https://unusualwhales.com/news/first-republic-bank-frc-is-said-to-weigh-options-including-a-sale