First Republic secures $30 billion rescue from large banks - CNN

Many regional banks, including First Republic, have large amounts of uninsured deposits above the $250,000 FDIC limit.

That means the bank has lent out more money than it has in deposits from customers, making it a particularly risky bet for investors.

Treasury Secretary Janet Yellen on Thursday met privately in Washington with JPMorgan CEO Jamie Dimon before 11 banks agreed to deposit $30 billion in First Republic Bank to stabilize the teetering lender, according to two people familiar with the matter.

Yellen first conceived of the idea of the largest US banks coming together to direct deposits toward First Republic, according to a separate source familiar with the matter.

The Federal Reserve created a loan system designed to prevent regional banks from failing after SVB collapsed.

The facility will allow banks to give the Fed their Treasury bonds as collateral for one-year loans.