FDIC to Place First Republic Under Receivership Imminently: Rtrs

The US Federal Deposit Insurance Corporation (FDIC) is preparing to place First Republic under receivership imminently, Reuters reports, citing a person familiar with the matter.

• Banking regulator has decided regional lender’s position has deteriorated and there is no more time to pursue a rescue through the private sector, Reuters says, citing the source
• First Republic and FDIC representatives did not immediately respond to Reuters’ requests for comment
• First Republic Bank extends postmarket drop to more than 30%

To contact the reporter on this story:
Sebastian Tong in San Francisco at stong41@bloomberg.net

To contact the editor responsible for this story:
Divya ...