Exclusive-US FDIC is probing former First Republic Bank directors and officers
"We can confirm a D&O probe into First Republic is taking place," a spokesperson told Reuters on Wednesday, referring to the bank's directors and officers. The regulator did not provide further details.
The three banks, which combined held more than half a trillion dollars in assets, failed following depositor runs. Regulators have said they each exhibited weak risk management and ran high levels of uninsured deposits. Former First Republic CEO and President Michael Roffler and former Executive Chairman James Herbert could not immediately be reached for comment. Attorneys representing the bank's independent board members did not immediately return requests for comment.
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