FEDERAL DEPOSIT INSURANCE CORPORATION

America's largest banks moved on March 16 to shore up First Republic, easing fears that the regional lender could be the next domino to fall after collapses including Silicon Valley Bank.

A consortium of 11 US private banks, including Bank of America, Citigroup and JPMorgan Chase, announced they would deposit $30 billion into First Republic.

The dramatic implosion of Silicon Valley Bank (SVB) last week could bring the Federal Reserve's current cycle of interest rate hikes to an end far sooner than many analysts expected.

In a move that sent global banking shares into turmoil, US regulators on Friday shut down Silicon Valley Bank, as markets fretted over possible contagion from the biggest banking failure since the 2008 financial crisis.