STORY CONTINUES BELOW THESE SALTWIRE VIDEOS
NEW YORK (Reuters) – The U.S. Federal Deposit Insurance coverage Company (FDIC) is making ready to position First Republic underneath receivership imminently, an individual aware of the matter mentioned on Friday.
The U.S. banking regulator has determined that the troubled regional lender’s place has deteriorated and there’s no extra time to pursue a rescue by the non-public sector, the supply mentioned, requesting anonymity as a result of the matter is confidential.
First Republic and FDIC representatives didn’t instantly reply to requests for remark.
(Reporting by Greg Roumeliotis in New York)