Regulators praise move by 11 banks to deposit $30 billion into First Republic Bank

Following the announcement that a group of 11 major U.S. banks have deposited a total of $30 billion in First Republic Bank FRC, federal banking regulators praised the move in a statement Thursday.

Secretary of the Treasury Janet Yellen, Federal Reserve Chairman Jerome Powell, FDIC Chairman Martin Gruenberg and Acting Comptroller of the Currency Michael Hsu said that “this show of support by a group of large banks is most welcome, and demonstrates the resilience of the banking system.”

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