Big banks including JPMorgan (JPM) and PNC Financial (PNC) submitted bids for First Republic Bank (FRC) to the Federal Deposit Insurance Corp., which is preparing to seize and sell the troubled lender, The Wall Street Journal’s Andrew Ackerman, David Benoit, and Rachel Louise Ensign report, citing people familiar with the matter. The winning bidder could be announced later Sunday, the people said. Reference Link
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Read More on FRC:
- JPMorgan Comes to First Republic’s Rescue
- JPMorgan highest bidder so far for First Republic, Washington Post says
- First Republic deal expected by Sunday night, Reuters reports
- FDIC asked banks for final First Republic bids by Sunday, Bloomberg says
- JPMorgan, PNC vying to buy First Republic after government seizure, WSJ Says