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%
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