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JPMorgan, PNC Bidding for First Republic as Part of FDIC Takeover

 wsj 3 min read The Wall Street Journal 30 Apr 2023, 06:52 PM IST

Seizure and sale of the distressed lender could come as soon as this weekend

NEW YORK, NEW YORK - MARCH 13: The exterior of a First Republic Bank branch is seen on Barclay Street on March 13, 2023 in New York City. First Republic Bank shares plunged by about 60 percent in premarket trading after regulators took actions to backstop all depositors in failed Silicon Valley Bank and Signature Bank and offer additional funding to other troubled institutions. The bank also made an announcement that it had received additional liquidity from the Federal Reserve and JP Morgan Chase. Michael M. Santiago/Getty Images/AFP (Photo by Michael M. Santiago / GETTY IMAGES NORTH AMERICA / Getty Images via AFP) (Getty Images via AFP)Premium
NEW YORK, NEW YORK - MARCH 13: The exterior of a First Republic Bank branch is seen on Barclay Street on March 13, 2023 in New York City. First Republic Bank shares plunged by about 60 percent in premarket trading after regulators took actions to backstop all depositors in failed Silicon Valley Bank and Signature Bank and offer additional funding to other troubled institutions. The bank also made an announcement that it had received additional liquidity from the Federal Reserve and JP Morgan Chase. Michael M. Santiago/Getty Images/AFP (Photo by Michael M. Santiago / GETTY IMAGES NORTH AMERICA / Getty Images via AFP) (Getty Images via AFP)

Big banks including JPMorgan Chase & Co. and PNC Financial Services Group Inc. are vying to buy First Republic Bank in a deal that would follow a government seizure of the troubled lender, according to people familiar with the matter.

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