U.S. Banks rescue First Republic Bank

Photo by: First Republic Bank
Photo by: First Republic Bank

(New York, NY) -- America's biggest banks are coming to the rescue of First Republic Bank.

Eleven banks deposited a total of 30-billion dollars into First Republic after depositors pulled billions of dollars out of the bank.

The deal was put together by Treasury Secretary Janet Yellen, Federal Reserve Chairman Jerome Powell and other U.S. power brokers.

In a joint statement Thursday, the financial leaders said, "This show of support by a group of large banks" demonstrates "the resilience of the banking system."

Two banks collapsed in the past week, Silicon Valley Bank and Signature Bank.