[JOnAgain]

The rational way I am looking at this. When rescuing SVB, the FDIC said they would make depositors whole by imposing some sort of tax on other FDIC members.

> Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law.

This kind of tax would probably be applied in proportion to deposits held. With the knowledge that they'd be on the hook to cover depositors, it makes sense for large banks to band together to stave that off.

Also, they have to cover this anyway -- either by losses on deposits if it ever came to that or via "special assessment". The leaders probably see it as preferable and less risky to shore up First Republic now vs. later.