PNC, JPMorgan putting in final bids for First Republic Bank in FDIC auction
US regulators have been trying to clinch a sale of First Republic over the weekend, with roughly half a dozen banks bidding, sources said on Saturday, in what is likely to be the third major US bank to fail in two months May 01, 2023 / 07:50 AM IST First Republic Bank First Republic Bank PNC Financial Services Group, JPMorgan Chase & Co, and Citizens Financial Group Inc were among banks that submitted final bids for First Republic Bank on Sunday in an auction being run by U.S. regulators, sources familiar with the matter said. The Federal Deposit Insurance Corp had been expected to announce a deal on Sunday night, with the regulator likely to say at the same time that it had seized the lender, three sources previously told Reuters. As the process dragged into Sunday evening, one source familiar with the situation said the regulators had come back multiple times with requests for bids to be revised and specific criteria to be refined on assets that were being bid. That source ...