First Republic Bank to be taken over by FDIC: Report

April 28, 2023 at 17:05 PM EDT

The FDIC is planning to take ownership over First Republic Bank imminently and says that there's no time for the bank to go after a private sector rescue, according to a report from Reuters.

First Republic Bank will be placed under the receivership of the U.S. Federal Deposit Insurance Corporation imminently, according to a report.

Reuters reported on Friday that the FDIC has decided that the regional bank's position has deteriorated, leaving no more time to go after a private sector rescue, a source told the outlet.

This is a developing story. Reuters contributed to this report.