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First Republic Bank shares nosedive amid uncertainty about rescue deal

Shares of First Republic Bank tanked on Friday. The Federal Reserve and the Federal Deposit Insurance Corporation’s Friday reports on the troubled banking industry.

Shares of First Republic Bank remain in a death spiral amid reports of uncertainty about whether the lender could see a rescue deal.

First Republic stock dropped more than 50% in midday trading. The bank’s share value has already plummeted roughly 96% year to date and just more than 70% the last month amid federal discussions with banks and even private equity groups over a rescue solution for the distressed lender.

FIRST REPUBLIC, KPMG SUED FOR CONCEALING BANK'S RISKS

Reuters reported Friday, citing people familiar with the situation, that officials from the Federal Deposit Insurance Corporation (FDIC), the Treasury Department and Federal Reserve are coordinating talks to rescue First Republic. Private-sector efforts have yet to yield a deal.

The Federal released its assessment Friday morning of what led to Silicon Valley Bank’s collapse, saying the lender's failure was due to a "textbook case of mismanagement" and calling for greater supervision by regulators.

BANKS COULD BEGIN CANCELING LINES OF BUSINESS CREDIT SOON

Meanwhile, the FDIC will release a separate report detailing the findings of an internal review of its supervision of the former Signature Bank.

FOX Business' Breck Dumas contributed to this report

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