JLH🧵 Third or fourth major bank failure this year depending on your view of the #Silvergate’s demise. Key questions: Will the #FDIC bailout the uninsured FRC depositors including the $30 billion deposited by major banks in March? If so, will the cost be covered by another special assessment on the banking industry? 1/
FDIC to place #FirstRepublicBamk under receivership | Reuters
https://www.reuters.com/business/finance/first-republic-shares-gain-hopes-rescue-deal-2023-04-28/
First Republic stock rout deepens after report on likely FDIC receivership
First Republic Bank <a href="https://www.reuters.com/companies/FRC.N" target="_blank">(FRC.N)</a> shares plunged after a CNBC <a href="https://www.cnbc.com/2023/04/28/first-republics-stock-poised-to-rise-for-second-day-as-regional-bank-searches-for-rescue-deal.html" target="_blank">report</a>that 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.