PNC Financial Services Group (PNC.N), JPMorgan Chase & Co (JPM.N), and Citizens Financial Group Inc (CFG.N) filed final offers for First Republic Bank (FRC.N) on Sunday in a U.S. regulator auction, sources said.

According to three individuals, the Federal Deposit Insurance Corp was scheduled to announce an agreement and seize the lender on Sunday night.

One source claimed the regulators had repeatedly requested bid revisions and modified asset requirements as the process continued late into the evening.

That source felt a decision was imminent.

On Saturday, sources claimed U.S. regulators sought to sell the First Republic, the third big U.S. bank to fail in two months. About six institutions were bidding. Two sources told Saturday that Guggenheim Securities advises the FDIC.

FDIC, Guggenheim, FRC, and banks declined to comment.

First Republic, which had $233 billion in assets at the end of the first quarter, would be acquired 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 intervene to stabilize markets.

After crypto-focused Silvergate voluntarily liquidated, those failures occurred.

According to Fed data, First Republic was the 14th largest lender in the U.S. last year, ahead of SVB (16th) and Signature (29th).

Markets have cooled, but a First Republic transaction will be eagerly scrutinized for government approval.

Deposits up to $250,000 are FDIC-insured. In addition, regulators insured all Silicon Valley Bank and Signature deposits to prevent bank runs.

The FDIC formed a ‘bridge bank’ for SVB and Signature to safeguard depositors.

Regulators may have to do so at First Republic. The Treasury secretary, president, and supermajorities of the Federal Reserve and FDIC boards must approve.

The FDIC is approaching significant U.S. lenders to locate a buyer before liquidating the bank. One source suggested large banks competed for FRC’s assets.

Over 10% of U.S. bank deposits are with JPMorgan.

According to the 1994 legislation and an expert on bank failures, a major bank cannot acquire a failing bank if it would put it beyond 10% of total deposits. However, banking authorities can ignore this if it is buying a collapsed bank.