Big banks pledge $30 billion to First Republic as a backstop after the company's stock hit an all-time low following the failure of Silicon Valley Bank.

(Bloomberg) -- Banks borrowed a combined $164.8 billion from two Federal Reserve backstop facilities in the most recent week, a sign of escalated funding strains in the aftermath of Silicon Valley Bank’s failure.Most Read from BloombergSchwab Clients Shift From Prime Funds to Government PortfoliosHow First Republic Bank Received a $30 Billion LifelineIn New York City, a $100,000 Salary Feels Like $36,000UBS, Credit Suisse Oppose Idea of Forced Tie-UpBanks Borrow $164.8 Billion From Fed in Rush t

Two candidates have thrown their hats into the ring for this fall’s Watertown mayoral race. And if one of them wins, that candidate will be making history in the city.