“First Republic Bank’s fate is looking grim.
“The bank’s stock has plummeted about 75% this week, after a disappointing first-quarter earnings report Monday revived Wall Street’s fears about a banking crisis and catalyzed an exodus out of First Republic stock.
“While a small rally on Thursday suggested that investors were hopeful that a white knight could swoop in to save the embattled lender, things eventually took a turn for the worse.
“An administration source familiar told CNN Friday the White House has no new plans to rescue the embattled lender, snuffing out hopes of government intervention.
“Reports swirled that the bank will likely go into receivership by the Federal Deposit Insurance Corporation, shattering optimism that private sector help could be on the way. Shares of the bank plunged roughly 37%.”
Read more at CNN