Sunday deadline for First Republic takeover bids…

Sunday deadline for First Republic takeover bids…

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U.S. regulators have asked banks for their best and final takeover offers for First Republic by Sunday afternoon, in a move that authorities hope will cap a period of uncertainty for regional lenders. JPMorgan Chase and PNC are likely bidders for the ailing lender, which would be seized in receivership and immediately sold to the winning bank, according to sources. Bank of America opted not to make a final bid after being involved in earlier discussions, CNBC has learned, according to other people with knowledge of the situation. A First Republic bank branch in Manhattan on April 24, 2023 in...
Source: https://www.cnbc.com/amp/2023/04/29/first-republic-frc-jpmorgan-chase-bank-of-america-asked-for-bids.html