Founder and Managing Partner of Alpine Fox LP: The FDIC has taken over First Republic Bank, and the bank's wire transfer transactions will be completely halted today

ChainCatcher news, Mike Alfred, founder and managing partner of Alpine Fox LP, tweeted that the Federal Deposit Insurance Corporation (FDIC) has arrived on-site at First Republic Bank to determine the best way to protect depositors, considering the accelerated bank run that has reached a critical point; the developments are happening much faster than expected.

Starting today (March 12), First Republic Bank has restricted outgoing wire transfers and will completely stop processing wire transactions by the end of the day. The bank's wire transaction processing wording has now changed to "Thank you for your transaction, we will get back to you as soon as possible." (source link)