By: Jesse Powell |CNBC
Shares of First Republic dropped sharply Friday as hopes dimmed for a rescue deal that could keep the bank afloat.
Sources told CNBC’s David Faber that the most likely outcome for the troubled bank is for the Federal Deposit Insurance Corporation to take it into receivership. The stock slid 43% and was halted for volatility multiple times.
Shares of First Republic were down more than 50% at one point during the session, hitting an intraday low of $2.98 per share. The stock has now fallen 97% this year, with most of the losses coming after investors lost confidence in the bank following the failure of two regional lenders in March.
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