The U.S. Federal Deposit Insurance Corporation (FDIC)—an independent agency created by Congress—is set to take over First Republic Bank following the institution’s dramatic stock crash in March, according to a Reuters report. The FDIC is swooping in after it became clear a private sector rescue would not be possible, an anonymous source familiar with the matter told Reuters. Meanwhile, earlier this week First Republic admitted to losing a shocking $102 billion in customer deposits, causing stocks to plummet 27 percent the following morning.
