US banking crisis: federal body prepares to put First Republic into receivership

Move comes as Federal Reserve report admits it failed to take forceful enough action' before Silicon Valley Bank collapse

The US Federal Deposit Insurance Corporation (FDIC) is preparing to place First Republic under receivership, Reuters reported on Friday, as the worst banking crisis since 2008 continued to hammer mid-sized US banks.

The California-based bank looks set to be the third such financial institution to collapse this year, following the failure of Silicon Valley Bank and Signature in March.