U.S. Regulators Rush To Rescue First Republic Bank

The U.S. Federal Deposit Insurance Corporation (FDIC) is preparing to place First Republic Bank under receivership imminently.

U.S. Regulators Rush To Rescue First Republic Bank
  • "U.S. officials are coordinating urgent talks to rescue First Republic Bank as private-sector efforts led by the bank's advisers have yet to reach a deal, according to three sources familiar with the situation."
  • "The Federal Deposit Insurance Corporation (FDIC), the Treasury Department and the Federal Reserve are among government bodies that have in recent days started to orchestrate meetings with financial companies about putting together a solution for the troubled lender."
  • "First Republic became the epicenter of the U.S. regional banking crisis in March after the wealthy clients it courted to fuel its breakneck growth started withdrawing deposits and left the bank reeling."

Reuters Article