First Republic Bank's Fate Hangs in the Balance as Bids Await Decision.
US regulators are working to resolve the First Republic Bank crisis after a midday deadline passed for submitting final bids to take over the struggling lender. The Federal Deposit Insurance Corp. had asked banks including JPMorgan Chase & Co., PNC Financial Services Group Inc., and Citizens Financial Group Inc. to submit offers. If no agreement is reached, regulators would have the option of seizing First Republic and taking ownership of the bank. The bidding process could pave the way for a tidier sale of First Republic than the drawn-out auctions that followed the failures of Silicon Valley Bank and Signature Bank last month.