The Federal Deposit Insurance Corporation has asked banks including JP Morgan Chase and PNC Financial Services Group to submit their final bids for First Republic Bank by April 29, Bloomberg News reported.
Banking regulators reached out to banks late Thursday seeking signs of interest, including proposed prices and estimated costs to the agency’s deposit insurance fund, the report said.
Bank of America is among several other agencies considering potential bids for the First Republic, CNBC reported Saturday, citing people familiar with the matter. .
Based on those filings on Friday, the FDIC has invited at least two companies to the next step in the tender, the Bloomberg report adds, citing people familiar with the matter.
The FDIC said in an email:
PNC Financial declined to comment on Bloomberg’s report. JP Morgan and Bank of America did not immediately respond to voicemails and emails seeking comment.
The FDIC is preparing to quickly bring First Republic under control after regulators determined that lenders in the region were in a bad position and had no time to seek relief through the private sector.
If the San Francisco-based bank falls into receivership, it would be the third U.S. bank to fail since March, following the failures of Silicon Valley Bank and Signature Bank.
https://www.channelnewsasia.com/business/united-states-fdic-banks-final-first-republic-bids-3454476 FDIC Asks Banks For Final First Republic Bids: Report