The U.S. FDIC is preparing to take over First Republic Bank

ChainCatcher news, citing sources from Reuters, reports that the Federal Deposit Insurance Corporation (FDIC) is preparing to place First Republic Bank under bankruptcy management.

The source stated that U.S. banking regulators have decided that the situation of this troubled regional bank has deteriorated, and there is no more time to seek assistance from the private sector. The source requested anonymity as the matter is confidential. Representatives from First Republic and the FDIC did not immediately respond to requests for comment. (source link)