First Republic Bank Heading Towards FDIC Receivership
The Pro Trump News homepage has 60 new headlines every 24 hours - click here to see it.
First Republic Bank is in trouble.
Their shares dropped sharply on Friday.
According to a new report it is heading towards a FDIC receivership.
Shares of First Republic dropped sharply on Friday as hopes dimmed for a rescue deal that could keep the bank afloat.
Sources told CNBC’s David Faber that the most likely outcome for the troubled bank is for the Federal Deposit Insurance Corporation to take it into receivership. The stock slid 30% and was halted for volatility multiple times.
The stock has fallen more than 90% this year as investors have lost confidence in the bank after two regional lenders failed in March.
Other banks are being asked by the FDIC for potential bids on First Republic if the bank was seized by seized by the regulator, sources told Faber. There is still hope for a solution that doesn’t include receivership, according to those sources.
First Republic told Faber on Friday that “we are engaged in discussions with multiple parties about our strategic options while continuing to serve our clients.”
Disaster!
Advertisement
