FDIC asked banks for final First Republic bids by Sunday, Bloomberg says

The Federal Deposit Insurance Corp. has asked banks including JPMorgan (JPM) and PNC Financial (PNC) to submit final bids for First Republic Bank (FRC) by Sunday after gauging initial interest earlier in the week, Hannah Levitt and Katanga Johnson of Bloomberg report, citing people with knowledge of the matter. The FDIC reached out to banks late Thursday seeking indications of interest, including a proposed price and an estimated cost to the agency’s deposit insurance fund, according to Bloomberg. Based on those submissions Friday, the FDIC invited at least two firms to the next step in the bidding process, sources told Bloomberg. As of Friday evening, the FDIC had yet to reach a decision on putting First Republic into receivership, people with direct knowledge of the matter said. Reference Link