US banks team up to rescue First Republic

Officials at San Francisco-based First Republic bank have seen their stocks plummet. They have a high number of uninsured depositors, much like the two US banks that collapsed in recent days. However, the leaders of 11 major banks are pledging to bail them out.

After investors became concerned that customers might pull their money out of First Republic, the regional lender's shares tumbled over 60 percent.

That prompted leaders at 11 financial institutions, including JP Morgan Chase and Bank of America, to agree to deposit 30 billion dollars.

Regulators at the Federal Reserve, Treasury Department and others welcomed the show of support, saying it demonstrates "the resilience" of the banking system.