Federal regulators are scrambling to find a buyer for First Republic Bank as the banking company’s stocks continue to tumble, according to sources.
The Federal Deposit Insurance Corp. has asked several high-powered banks — including JPMorgan Chase & Co., PNC Financial Services Group Inc., US Bancorp and Bank of America Corp. — to submit final bids for First Republic Bank by Sunday after gauging initial interest earlier in the week,
The massive nose dive pushed First Republic Bank to seek out federal assistance and be placed under receivership. People with knowledge of the matter told Bloomberg that the regulator offered each bank a proposed price and an estimated cost to the agency’s deposit insurance fund.
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