First Republic Bank faces potential receivership by FDIC.
TL;DR Summary
The US Federal Deposit Insurance Corporation (FDIC) is reportedly preparing to place First Republic Bank under receivership, as the troubled regional lender's position has deteriorated and there is no more time to pursue a rescue through the private sector. If the San Francisco-based lender falls into receivership, it would be the third US bank to collapse since March. First Republic said earlier this week its deposits had slumped by more than $100 billion in the first quarter. Shares of the bank closed down 43%, worsening a stock rout that has wiped out 75% of its value this week.
- FDIC prepares to place First Republic under receivership -source Reuters
- First Republic Bank to be taken over by FDIC: Report Fox Business
- As regulators reveal why SVB and Signature Bank failed, First Republic teeters on the brink CNN
- Banks Versus FANGs: First Republic Just Doesn't Matter That Much Bloomberg
- Why No Buyer Has Emerged for First Republic The Wall Street Journal
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