U.S. FDIC is probing former First Republic Bank directors and officers - spokesperson

First Republic Bank

01/11/2023 20:43

By Douglas Gillison and Chris Prentice
       Nov 1 (Reuters) - The Federal Deposit Insurance
Corporation (FDIC) is investigating potential misconduct by
executives and board members of First Republic Bank, raising the
prospect of stiff penalties for the failed bank's former bosses.
    "We can confirm a D&O probe into First Republic is taking
place," a spokesperson told Reuters, referring to the bank's
directors and officers. The regulator did not provide further
details. 
    The investigation, which has not previously been reported,
is the third the FDIC has opened into bank failures earlier this
year which cost the federal government's deposit insurance fund
about $32 billion.

 (Reporting by Douglas Gillison and Christine Prentice; editing
by Michelle Price)
 ((douglas.gillison@thomsonreuters.com; Reuters Messaging:
@douglasgillison))