First Republic Bank to be taken over by FDIC: ReportApril 28, 2023 at 17:05 PM EDT
The FDIC is planning to take ownership over First Republic Bank imminently and says that there's no time for the bank to go after a private sector rescue, according to a report from Reuters.
First Republic Bank will be placed under the receivership of the U.S. Federal Deposit Insurance Corporation imminently, according to a report. Reuters reported on Friday that the FDIC has decided that the regional bank's position has deteriorated, leaving no more time to go after a private sector rescue, a source told the outlet. This is a developing story. Reuters contributed to this report. 
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