A consortium of leading US banks, comprising JPMorgan Chase, Citigroup, Bank of America, Wells Fargo, Goldman Sachs, Morgan Stanley and others, have initiated a bailout and deposited $30 billion into First Republic Bank, an act in which the government also encouraged.
The San Francisco-based bank was on the brink of collapse after the implosions of Silicon Valley Bank and Signature Bank over the past week triggered a panic in the banking sector.
The bailout marks an unprecedented show of support for, and indication that First Republic's difficulties do not reflect deeper systematic trouble.
In an article from The Times, the deposits reportedly aimed to "calm financial markets," as failures of three other US banks and trouble at Credit Suisse had caused widespread concern.
The report added that the bailout was initiated by the banks but had encouragement from the government.
Bloomberg, however, reported that Jamie Dimon, head of JP Morgan, consulted with Treasury Secretary Janet Yellen before the banks agreed to the deposit.
The report from the New York Times emphasised that the rescue involved an "unprecedented" 11 US banks, each of which offered a minimum of $1bn, and had "echoes of the 2008 financial crisis".
It added that the banks' actions meant to signal that First Republic Bank's struggles did not represent deeper issues.
Shares in First Republic rallied following the news of the investment.
Both sources noted that First Republic Bank had $212bn in assets and $176.4bn in deposits at the end of last year, but differed in their characterisation of its condition.
The Times indicated that the bank was on the brink of collapse, while The New York Times presented its implosion as part of a wider panic, with the rescue being an unprecedented show of solidarity by US banks.