JPMorgan highest bidder so far for First Republic, Washington Post says

The Federal Deposit Insurance Corporation are likely this weekend to seize First Republic Bank (FRC) and sell it to a larger financial institution, David Lynch and Jeff Stein of Washington Post report, citing to two people familiar with the matter. Under the emerging plan, the FDIC would place First Republic in receivership before quickly selling it, the Post reports. Regulators in recent days have solicited bids from interested banks, with JPMorgan Chase (JPM) having emerged as the high bidder so far, a source told the paper. First Republic’s shareholders would be wiped out as a consequence of the government’s takeover-and-sale plan, the Post adds. Reference Link