First Republic most likely headed for FDIC receivership – CNBC

(Reuters) – First Republic Bank is most likely headed for Federal Deposit Insurance Corp (FDIC) receivership, CNBC reported on Friday citing sources.

Shares of First Republic were down 19%.

The bank did not immediately respond to a Reuters request for comment.

Earlier on Friday, Reuters reported U.S. officials are coordinating urgent talks to rescue the bank.

(Reporting by Niket Nishant in Bengaluru; Editing by Krishna Chandra Eluri)