The FDIC is working overtime to get a takeover of the First Republic by late…

The FDIC is working overtime to get a takeover of the First Republic by late…


Bank of the First Republic FRC Fate could soon be sealed. Several media previously reported that the ailing regional bank would soon be taken over by the Federal Deposit Insurance Corporation (FDIC).

The FDIC, in turn, is said to be actively looking for a potential buyer for First Republic once the bank is placed under receivership.

JPMorgan, PNC Leaders: Since Friday, JPMorgan Chase & Co. JPM And PNC Financial Services Group, Inc. pnc were seen as the main competitors for the First Republic purchase. Providence, Rhode Island resident Citizens Financial Group, Inc. CFG is also among the bidders, according to Reuters.

In all, about half a dozen banks have expressed interest in First Republic and have been asked to submit their bids by noon Sunday, Reuters noted. The FDIC could announce a deal Sunday night before Asian markets open, she added.

See also: Best regional bank stocks

PNC has Edge? Insiders at JPMorgan and Bank of America Corp. BAK admits that PNC has an edge in the bidding war, Fox News senior correspondent Charles Gasparino tweeted on sunday, although the scoop could not be verified by other sources.

PNC’s relative advantage appears to stem from its deposit cap, which could serve as a deterrent to larger banks, many of which have already reached the deposit cap, he said. The media personality also said that PNC is “more of a regional bank” that would have the ability to expand into “new regions, which the Fed would like to have.”

“BofA/JPM already in the backyard of the FRC,” he added.

Continue reading: Larry Summers Says First Republic’s ‘Disappointed’ Banking Crisis Long-Lasting: ‘I Hope … Best Way Forward Will Be Found Within Next Week’

Photo: Shutterstock


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