A seizure and sale of First Republic by the Federal Deposit Insurance Corp. could come as soon as this weekend, the people said. The SVB meltdown spurred panicky First Republic customers to pull around $100 billion in deposits in a matter of days. A group of the nation’s biggest banks, including JPMorgan and PNC, tried to shore up First Republic with a $30 billion deposit, but it wasn’t enough. A seizure and sale of First Republic would cap the astonishing collapse of a lender that was, until recently, the envy of finance. During the 2008 financial crisis, PNC bought ailing Cleveland lender National City Corp. with government assistance.

Source: Wall Street Journal April 29, 2023 02:43 UTC