JPMorgan, PNC bid to buy First Republic Bank amid possible FDIC takeover: report
First Republic Bank failed to reach a private-sector rescue
JPMorgan Chase & Co. and PNC Financial Services Group are bidding to buy First Republic Bank after it's expected to be taken over by the government.
The major banks are expected to place bids on First Republic Bank after it is taken over by the U.S. Federal Deposit Insurance Corporation and sold, sources told the Wall Street Journal.
Citing a person familiar with the situation, Reuters reported Friday that the FDIC has decided that the regional bank's position has deteriorated, leaving no more time to go after a private sector rescue.
FED REPORT ON SILICON VALLEY BANK COLLAPSE BLAMES MISMANAGEMENT, WEAK GOVERNMENT OVERSIGHT
The outlet reported earlier in the day that officials from the FDIC, the Treasury Department and the Federal Reserve were coordinating talks to rescue the bank after private-sector efforts failed to yield a deal.
FIRST REPUBLIC BANK SHARES NOSEDIVE AMID UNCERTAINTY ABOUT RESCUE DEAL
First Republic's shares have been in free-fall since Monday after the closing bell following the bank's revelation that its deposits dropped 40% in the first quarter as panicked customers pulled their funds amid fears of a growing crisis after Silicon Valley Bank was seized by regulators last month.
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FOX Business' Joe Toppe and Reuters contributed to this report.