Eleven of the nation's largest banks have come to the rescue of First Republic Bank, jointly investing $30 billion in the lender in an effort to stop the banking panic that followed the recent failures of Silicon Valley Bank and Signature Bank.

On Thursday, the banks issued a joint statement: "Bank of America, Citi, jpmorgan Chase and Wells Fargo will each inject $5 billion into First Republic Bank; Goldman Sachs and Morgan Stanley each injected $2.5 billion; Bank of New York Mellon, PNC Bank, State Street Bank, Truist and U.S. Bancorp each injected $1 billion. The total capital injection of 11 banks into First Republic Bank amounted to $30 billion."

"This action by the nation's largest banks reflects their confidence in First Republic Bank and banks of all sizes, and demonstrates their commitment to helping banks serve their customers and communities," the statement said. Regional and small and medium-sized banks are critical to the health and smooth functioning of our financial system."

First Republic Bank shares plunged more than 36% in early trading on Thursday (March 16). After the rescue news, the bank's share price rose rapidly, and even expanded to more than 30% at one point. As of Thursday's close, First Republic Bank shares closed at $34.38, up 10.33%, giving it a market value of $6.402 billion.

First Bank shares have lost more than two-thirds of their value in the past week and are down more than 65 percent so far this month.

Jitters from the banking crisis have spread around the world. On Wednesday (March 15), Credit Suisse Group received a 50 billion Swiss franc bailout from the Swiss National Bank after its shares fell below record lows.