First <a href="https://www.foxbusiness.com/category/banking" target="_blank">Republic Bank</a> will be placed under the receivership of the U.S. Federal Deposit Insurance Corporation imminently, according to a report.

Reuters reported on Friday that <a href="https://www.foxbusiness.com/markets/regional-community-banks-rally-call-for-fdic-backup" target="_blank">the FDIC</a> 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.

<div class="m"><picture><source media="(max-width: 767px)" srcset="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2023/03/343/192/first-republic.jpg?ve=1&amp;tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2023/03/686/384/first-republic.jpg?ve=1&amp;tl=1 2x"> <source media="(min-width: 768px) and (max-width: 1023px)" srcset="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2023/03/672/378/first-republic.jpg?ve=1&amp;tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2023/03/1344/756/first-republic.jpg?ve=1&amp;tl=1 2x"> <source media="(min-width: 1024px) and (max-width: 1279px)" srcset="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2023/03/931/523/first-republic.jpg?ve=1&amp;tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2023/03/1862/1046/first-republic.jpg?ve=1&amp;tl=1 2x"> <source media="(min-width: 1280px)" srcset="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2023/03/720/405/first-republic.jpg?ve=1&amp;tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2023/03/1440/810/first-republic.jpg?ve=1&amp;tl=1 2x"> <img src="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2023/03/931/523/first-republic.jpg?ve=1&amp;tl=1" alt="First Republic Bank in New York" width="100%" height="auto"></picture></div> <div class="caption"><p><span>A First Republic Bank branch in New York, US, on Friday, March 10, 2023.</span><span> (Photographer: Jeenah Moon/Bloomberg via Getty Images / Getty Images)</span></p></div>

<i>This is a developing story. Reuters contributed to this report.</i>

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 to be taken over by FDIC: Report

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