First Republic Bank to be taken over by FDIC: Report

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First Republic Bank will be placed under the receivership of the U.S. Federal Deposit Insurance Corporation imminently, according to a Reuters report.

Reuters reported that the FDIC 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.

Adam Kobeissi, editor-in-chief of The Kobeissi Letter, spoke with LiveNOW's Andrew Craft about First Republic's woes and what it means for people who bank there.

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