*FDIC PREPARES TO PLACE FIRST REPUBLIC BANK UNDER RECEIVERSHIP IMMINENTLY $FRC
) are vying to buy First Republic following its seizure by the government, which could come as soon as this weekend, the Wall Street Journal reported on Friday.
If the San Francisco-based lender falls into receivership, it would be the third U.S. bank to collapse since March. First Republic said this week its deposits had slumped by more than $100 billion in the first quarter. At its lowest, the bank had a market capitalization of nearly $557 million, a far cry from its peak valuation of more than $40 billion in Nov. 2021.
The FDIC, the Treasury Department and the Federal Reserve were among the government bodies that orchestrated meetings with financial companies about a lifeline for the bank, Reuters reported earlier on Friday.
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