FDIC seeks final bids for troubled First Republic Bank.
TL;DR
The US Federal Deposit Insurance Corp has asked JPMorgan and PNC Financial Services Group to submit final bids for First Republic Bank by Sunday after gauging their initial interest earlier in the week. The FDIC is preparing to place First Republic under receivership imminently, after the regulator decided the regional lender's position had deteriorated and there was not time to pursue a rescue through the private sector.
- FDIC asks JPMorgan, PNC for final First Republic bids: Bloomberg Reuters
- First Republic Bank to be taken over by FDIC: Report Fox Business
- First Republic teeters on the edge — again CNN
- Banks Versus FANGs: First Republic Just Doesn't Matter That Much Bloomberg
- Summers on First Republic Bank Bloomberg Television
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