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PNC and JPMorgan Chase Make Final Bids for First Republic Bank

PNC Financial Services Group (NYSE: PNC) and JPMorgan Chase & Co (NYSE: JPM) are among the banks submitting final bids for First Republic Bank (NYSE: FRC) in an auction run by U.S. regulators, according to sources familiar with the matter.

JPMorgan building
JPMorgan building

FDIC to Announce Deal Before Asian Markets Open

The Federal Deposit Insurance Corp (FDIC) is anticipated to reveal the deal on Sunday night, before the opening of Asian markets. The regulator is also expected to announce the seizure of the lender at the same time, as reported by three sources.

First Republic Bank Sale Draws Multiple Bidders

U.S. regulators have been working to finalize the sale of First Republic over the weekend, with approximately half a dozen banks participating in the bidding process. This is set to be the third major U.S. bank failure in two months.

Citizens Financial Group Also Vying for the First Republic

Citizens Financial (NYSE: CFG) Group Inc is another financial institution competing for the acquisition of First Republic Bank, according to sources familiar with the matter.

First Republic's Sale Follows Silicon Valley and Signature Bank Failures

A deal for First Republic comes less than two months after the failures of Silicon Valley Bank and Signature Bank (OTC: SBNY), which resulted in the Federal Reserve implementing emergency measures to stabilize markets.