NEW YORK, April 28 (Reuters) – The U.S. Federal Deposit Insurance coverage Company (FDIC) is making ready to put First Republic beneath receivership imminently, an individual accustomed to the matter stated 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 way of the personal sector, the supply stated, 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
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