The parent company of Silicon Valley Bank filed for Chapter 11 bankruptcy protection Friday, a week after the tech-focused bank failed in a sudden collapse that set off fears of wider problems in the global banking system.
A television screen displaying financial news is seen inside one of First Republic Bank's branches in the Financial District of Manhattan, Thursday, March 16, 2023. The S&P 500 was 0.8% higher in midday trading after erasing an earlier loss of nearly that much following reports that First Republic Bank could receive financial assistance or sell itself to another bank.
The money gives First Republic a lifeline while it reportedly seeks a buyer. Regulators hope it also bolsters confidence in the health of the broader banking system. “We have our marching orders," Dimon reportedly said after the call with Yellen. He then proceeded to build a coalition of banks willing to place deposits with First Republic.
A spokesman for First Republic did not respond to requests for comment on the package or the bank’s financial health.
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