First Republic Bank to be taken over by FDIC : This is not good

The FDIC has decided that the bank has no more time to pursue a private sector rescue


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Barron’s reporter Carleton English discusses First Republic Bank’s dramatic stock fall on ‘The Claman Countdown.’

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.

A First Republic Bank branch in New York, US, on Friday, March 10, 2023. (Photographer: Jeenah Moon/Bloomberg via Getty Images / Getty Images)

This is a developing story. Reuters contributed to this report.


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