Key Points:

  • The employees of First Republic Bank are preparing themselves for the worst as the bank is on the verge of going out of business.

  • The Federal Deposit Insurance Corporation of the United States has reached a settlement with First Republic Bank, and as a result, the bank is no longer processing any wire transfer transactions.

The employees of First Republic Bank are preparing themselves for the worst as the bank is on the verge of failing.

According to Twitter user @AP Abacus, First Republic Bank is on the verge of bankruptcy and staff are bracing for the worst on March 12. According to prior reports, Robert Kiyosaki, the author of “Rich Dad Poor Dad,” also stated that, following the failures of Silicon Valley Bank and Silvergate Bank, a third bank is set to fall, although he did not reveal the name of the bank.

The FDIC of the United States recently settled in First Republic Bank, and the bank’s wire transfer transactions have been halted. The US Federal Deposit Insurance Corporation (FDIC) has accessed the First Republic Bank site to try to find the best approach to safeguard depositors, according to Mike Alfred, founder and managing partner of Alpine Fox LP, on social media. Things are happening considerably quicker than planned due to accelerated bank runs that have reached a critical point.

Moreover, First Republic Bank has begun limiting wire transfer transactions for outward remittances as of today (March 12), and has declared that it would cease processing wire transfer transactions entirely by the end of today. The bank’s wire transfer transaction procedure is now phrased as “Thank you transaction, we will get back to you as soon as possible.” There are 10 U.S. Banks that could be risky following SVB, which showing contracting margins over the past year, or the smallest expansions of margins:

  • Customers Bancorp

  • First Republic Bank

  • Sandy Spring Bancorp

  • New York Community Bancorp

  • First Foundation

  • Ally Financial

  • Dime Community Bancshares

  • Pacific Premier Bancorp

  • Prosperity Bancshares

  • Columbia Financial

  • By Philip van Doorn.

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