First Republic Gets $30 Billion Lifeline from JPMorgan, Citi, Bank of America, Wells Fargo

First Republic Bank (FRC) got a $30 billion lifeline from some of the nation's biggest lenders, including JPMorgan (JPM), Citigroup (C) and Bank of America (BAC), and Wells Fargo (WFC) each of which poured in $5 billion each.

Goldman Sachs (GS) and Morgan Stanley (MS) provided $2.5 billion each while BNY Mellon (BK), PNC Bank (PNC), State Street Corp. (STT) put in a billion dollars each.

"Together, we are deploying our financial strength and liquidity into the larger system, where it is needed the most. Smaller- and medium-sized banks support their local customers and businesses, create millions of jobs and help uplift communities. America’s larger banks stand united with all banks to support our economy and all of those around us," the banks said in a group statement.

First Republic needed other banks to come to its rescue because it probably couldn't have benefited much from the Federal Reserve's new Bank Term Funding Program. Unlike Silicon Valley Bank (SVB), First Republic didn't hold enough eligible securities that it could pledge to meaningfully borrow funds under the Fed's program.

The failure of SVB and Signature Bank, sparked worries about First Republic, whose shares lost almost a third of their value on Thursday before recovering some of those losses on speculation of a bailout.