Shares of First Republic dropped sharply as hopes dimmed for a rescue deal that could keep the bank afloat.
The FDIC is asking other banks for potential bids on First Republic if the regulator were to seize the bank, sources told Faber. There is still hope for a solution that doesn't include receivership, according to those sources.Sign up for NBC Bay Area’s Housing Deconstructed newsletter.
First Republic told Faber on Friday that"we are engaged in discussions with multiple parties about our strategic options while continuing to serve our clients." CNBC reported Wednesday that First Republic's advisors were preparing to pitch larger banks on a plan that would let the regional lender at an above-market rate and then raise equity. The sales would result in a loss for the banks that buy the bonds but could be cheaper long-term than letting the bank fail and get seized by regulators.
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