BREAKING: Federal regulators are racing to seize and sell First Republic Bank as soon as this weekend, a source familiar with the matter told ABC.
A branch of the First Republic Bank is shown in Boston, on April 28, 2023.as soon as this weekend, a source familiar with the matter told ABC News.
In that second scenario, it's unclear whether the FDIC would make all uninsured deposits whole, as it did with SVB and. Officials at the Treasury Department and Federal Reserve would likely need to sign off on a plan to cover First Republic's uninsured deposits by deeming it a "systemic risk exception," as they did with the other two failed banks in March.
At the end of 2022, California-headquartered First Republic Bank was the 14th biggest commercial bank in the country, according to Federal Reserve data.
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