First Republic Talks Extend Into Night After Banks Place Bids
- Process could lead to tidier cleanup of troubled bank than SVB
- A sale to JPMorgan would require exception to rule on size
US regulators were working into the night to resolve the First Republic Bank crisis late Sunday 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, according to people with knowledge of the matter. Bank of America Corp. and US Bancorp were also invited but decided against bidding, according to the people, who asked not to be identified discussing confidential talks.