First Republic stock rout deepens after report on likely FDIC receivership

First Republic Bank shares plunged after a CNBC reportthat the lender was likely headed for receivership under the U.S. Federal Deposit Insurance Corporation (FDIC), worsening a rout that has wiped out 75% of the stock's value this week.

that the lender was likely headed for receivership under the U.S. Federal Deposit Insurance Corporation , worsening a rout that has wiped out 75% of the stock's value this week.

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.

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