https://www.reuters.com/business/finance/us-regulator-set-take-over-first-republic-source-2023-04-28/

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1 minute readApril 28, 20238:33 PM UTCLast Updated ago

U.S. regulator set to take over First Republic

Reuters
First Republic Bank branch in San Francisco
People walk past a First Republic Bank branch in San Francisco,
California, U.S. April 28, 2023. REUTERS/Loren Elliott

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NEW YORK, April 28 (Reuters) - The U.S. Federal Deposit Insurance
Corporation (FDIC) is preparing to place First Republic under
receivership imminently, a person familiar with the matter said on
Friday.

The U.S. banking regulator has decided that the troubled regional
lender's position has deteriorated and there is no more time to
pursue a rescue through the private sector, the source said,
requesting anonymity because the matter is confidential.

First Republic and FDIC representatives did not immediately respond
to requests for comment.

Reporting by Greg Roumeliotis in New York

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