FRC - Shares of First Republic Tank on Reports It Could Be Headed Into FDIC Receivership
2023-04-28 12:57:41 ET
Shares of First Republic (NYSE: FRC) had dropped by more than 46% as of 11:41 a.m. ET today after media outlets reported that the embattled bank might be placed into receivership by the Federal Deposit Insurance Corporation (FDIC).
Citing anonymous sources, CNBC's David Faber said First Republic will likely be placed into FDIC receivership, similar to what occurred with Silicon Valley Bank and Signature Bank . When a bank is placed into receivership, it usually happens after business hours on Friday so the FDIC has the weekend to get things in order.
The stock is down about 70% this week after the bank reported its first-quarter earnings results Monday, which showed that it lost more than $100 billion of deposits during the period.
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Shares of First Republic Tank on Reports It Could Be Headed Into FDIC Receivership