FDIC prepares to place First Republic under receivership
Reuters was the first to announce that the U.S. banking regulator was getting ready to take control of First Republic Bank, making it the second largest U.S. bank failure ever and the largest since the 2008 financial crisis. Following the news, First Republic's shares plummeted by up to 58% in after-market trading on Friday. On Monday, the Federal Deposit Insurance Corporation took over First Republic and sold the majority of its assets to JPMorgan Chase.0
