NEW YORK (Reuters) – First Republic Financial institution (NYSE:) spoke to at the very least one personal fairness agency about elevating capital earlier than it secured financing from JPMorgan Chase & Co (NYSE:) and U.S. authorities intervened with assist for the trade, two sources acquainted with the matter mentioned.

The conversations, which haven’t been beforehand reported, shed new mild on the frenzied exercise that occurred over the weekend after the collapse of Silicon Valley Financial institution, as different lenders beneath stress seemed for tactics to revive investor confidence.

First Republic had varied approaches and concepts put to it, a 3rd supply acquainted with the matter mentioned, including that non-public fairness companies have capital to deploy and have been in search of alternatives.

They added that the personal fairness deal talks ended as soon as First Republic introduced its credit score line with JPMorgan.

First Republic was not instantly accessible for remark.

The method got here previous to the U.S. Federal Reserve and different regulators on Sunday night introduced a sequence of emergency measures to shore up confidence within the banking system, which took away among the urgency to do a deal, the sources mentioned.

First Republic mentioned on Sunday evening it had secured extra financing via JPMorgan, giving it entry to a complete of $70 billion in funds via varied sources. The extra borrowing capability from the Fed in addition to that from JPMorgan had boosted the quantity of liquidity it had accessible.

JPMorgan didn’t instantly reply to requests for remark.

Shares of First Republic slumped greater than 60% on Monday on fears of financial institution contagion following the collapse of SVB Monetary Group and Signature Financial institution (NASDAQ:). SVB had seen flight of deposits, lots of which have been uninsured. First Republic’s shares recovered part of their losses on Tuesday, rising 27%.

One of many sources mentioned different banks, too, had seemed for capital however after the administration’s emergency measures on Sunday and a rout in financial institution shares the next day, any offers would seemingly take time.

In some instances, the scenario had flipped from banks in search of capital to traders searching for bargains, one of many sources mentioned.

Based in 1985, First Republic had $212 billion in belongings and $176.4 billion in deposits as of the top of final yr, in response to its annual report.

About 70% of its deposits are uninsured, above the median of 55% for medium-sized banks and the third highest within the group after Silicon Valley Financial institution and Signature Financial institution, in response to a Financial institution of America (NYSE:) word.

The White Home on Tuesday weighed in, with an official saying it’s fastidiously monitoring developments at First Republic and different smaller banks after actions to guard depositors.

The official mentioned the U.S. banking system was in “a vastly higher place proper now” than if the actions had not been taken and depositors ought to have faith their funds could be protected.