According to multiple reports, First Republic Bank could be taken over by the Federal Deposit Insurance Corporation (FDIC).
According to multiple reports, First Republic Bank is facing significant financial difficulties and could be taken over by the Federal Deposit Insurance Corporation if private sector banks do not intervene. The FDIC has reportedly approached several large commercial banks regarding purchasing First Republic after the bank’s stocks dropped more than 50% on Friday.
FDIC Considers Taking Over First Republic Bank as Financial Troubles Deepen, Urges Private Sector to Step In First Republic Bank’s shares were halted multiple times on the New York Stock Exchange this week, with the stock slipping 50% lower on Friday to an intraday low of $2.98 per share. By the end of the Friday trading session, it had fallen over 43% to $3.51 per share. According to
by CNBC, “the most likely outcome for the troubled bank is for the Federal Deposit Insurance Corporation to take it into receivership.”
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