© Reuters. People walk past a First Republic Bank branch in San Francisco, California, U.S. April 28, 2023. REUTERS/Loren Elliott
NEW YORK (Reuters) – 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.
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