Sources: PNC, JPM putting in final bids for First Republic in FDIC auction – by anilpanchal7 Banks RiskAversion NewsTrading UnitedStates
submit final bids for First Republic Bank by midday Sunday in an auction being run by US regulators.”
Three sources familiar with the matter said that the Federal Deposit Insurance Corporation is expected to announce a deal on Sunday night before Asian markets open, with the regulator likely to say at the same time that it had seized the lender.A deal for First Republic would come less than two months after Silicon Valley Bank and Signature Bank failed amid a deposit flight from U.S. lenders, forcing the Federal Reserve to step in with emergency measures to stabilize markets.
In trying to find a buyer before closing the bank, the FDIC is turning to some of the largest U.S. lenders. Large banks had been encouraged to bid for FRC's assets, one of the sources said. By Friday, First Republic's market value had hit a low of $557 million, down from its peak of $40 billion in November 2021.Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions.
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