The U.S. Federal Deposit Insurance Corporation (FDIC) is preparing to place First Republic under receivership imminently, a person familiar with the matter said on Friday.
The U.S. banking regulator has decided that the troubled regional lender's position has deteriorated and there is no more time to pursue a rescue through the private sector, the source said, requesting anonymity because the matter is confidential.
First Republic and FDIC representatives did not immediately respond to requests for comment.
https://www.nasdaq.com/articles/u.s.-regulator-set-to-take-over-first-republic-source
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