FRC - First Republic stock resumes plunge after report on potential FDIC takeover
2023-04-28 10:43:05 ET
- First Republic Bank ( NYSE: FRC ) stock resumed its downward trajectory, sinking 23% in Friday morning trading, after a media report that that Federal Deposit Insurance Corp. receivership is the most likely scenario for the struggling bank.
- Earlier Friday, Reuters said that the U.S. government was coordinating talks to for a rescue plan for First Republic ( FRC ). The FDIC, Treasury Department, and Federal Reserve were reported to be involved.
- CNBC's David Faber, citing unnamed sources, reported Friday that the FDIC was in talks with several banks for bids on First Republic ( FRC ) in the event it goes into receivership.
- Developing... check back for updates.
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First Republic stock resumes plunge after report on potential FDIC takeover