A group of US financial institutions bailed out First Republic Bank on Thursday with $30 billion, they announced in a joint statement. “Bank of America, Citigroup, JPMorgan Chase and Wells Fargo announced that each will make an uninsured deposit of 5,000 million dollars for First Republic Bank.

Goldman Sachs and Morgan Stanley will each make an uninsured deposit of $2.5 billion, and BNY Mellon, PNC Bank, State Street, Truist and US Bank will each make an uninsured deposit of $1 billion,” according to the document. Following this announcement, the First Republic shares were up 11.42% as of 3:42 p.m. local time, 1942 GMT, a stark contrast to a nearly 30% drop earlier this morning.

First Republic had the third highest rate of uninsured deposits among US banks, behind Silicon Valley Bank (SVB) and Signature Bank, according to a note by Raymond James. First Republic, which is based in San Francisco, was demoted to the category of “junk” (garbage, in English) on Wednesday by both Fitch Ratings and S&P Global.

This move prevents First Republic from follow the path of Silicon Valley Banky and Signature Bankentities closed by the authorities on Friday and Sunday, respectively, in a movement that unleashed a current of panic that later moved to Europe.