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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Breaking News

Breaking News

FDIC requests final First Republic offers from JPMorgan and PNC.

First Republic Bank, Photo Credit: Andreistanescu First Republic Bank, Photo Credit: Andreistanescu
First Republic Bank, Photo Credit: Andreistanescu First Republic Bank, Photo Credit: Andreistanescu

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After measuring early interest earlier in the week, the U.S. Federal Deposit Insurance Corp has urged banks, including JPMorgan Chase & Co (JPM.N) and PNC Financial Services Group (PNC.N), to make final offers for First Republic Bank (FRC.N) by Sunday, Bloomberg News reported on Saturday.

According to the article, the banking regulator contacted banks late Thursday to gauge interest, pricing, and cost to the deposit insurance fund.

According to sources, FDIC invited at least two businesses to the next round of bidding after Friday’s submissions.

The FDIC plans to place First Republic under receivership after deciding the ailing regional lender’s condition has deteriorated, and there is no time to explore a private sector rescue.

After Silicon Valley Bank and Signature Bank, it would be the third U.S. bank to fail since March if the San Francisco institution goes into receivership.


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