In the wake of the sharp fall in First Republic Bank shares this week, US officials are reportedly arranging urgent talks to save the bank.
This comes after efforts from the private sector led by the bank's advisers have yet to reach a finalized agreement, Reuters reported citing several sources.
The Federal Deposit Insurance Corporation (FDIC), the Department of the Treasury and the Federal Reserve (Fed) are among those involved in coordinating urgent negotiations to arrange measures to save First Republic Bank.
As context, the bank had previously failed to secure a deal due to the current situation and their portfolio holdings could not convince any bank or private equity firm.
First Republic Bank is one of the banks affected by the crisis that hit the banking sector last March which saw the failure of Silicon Valley Bank (SVB) and Signature Bank.
The impact lingered after the bank this week reported a loss of $102 billion in customer deposits and a record $92 billion in loans in the first quarter that pushed its stock to record lows.
