U.S. officials lead urgent rescue talks for First Republic -sources
A person walks past a First Republic Bank branch in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. REUTERS/Mike Segaras private-sector efforts led by the bank's advisers have yet to reach a deal, according to three sources familiar with the situation.
It is unclear whether the U.S. government is considering participating in a private-sector rescue of First Republic. The government's engagement, however, has emboldened First Republic executives as they scramble to put together a deal that would avoid a takeover by U.S. regulators, one of the sources said.after the wealthy clients it courted to fuel its breakneck growth started withdrawing deposits and left the bank reeling.
Discussions for a deal took on new urgency this week after First Republic revealed on Monday it had deposit outflows of more than $100 billion in the first quarter. Although the bank said its deposits had stabilized, it disclosed it was losing money because it had to replace the withdrawn deposits with interest-bearing funding from the Federal Reserve.
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