HomeIndustriesFirst Republic Auction Gets Underway

First Republic Auction Gets Underway

The auction for the struggling First Republic Bank is underway, with Guggenheim Securities advising the U.S. Federal Deposit Insurance Corp (FDIC) on the sale process. Approximately half a dozen bidders have entered the race to acquire the bank, sources familiar with the matter reported.

Among those in the running are JPMorgan Chase and Bank of America, two of the largest U.S. banks, as well as Citizens Financial Group Inc and PNC Financial Services Group. Given until Friday to submit non-binding bids, the winner of the auction is expected to be announced late on Sunday along with the details of the sale. U.S. regulators are expected to seize the struggling bank around the same time that the announcement is made.

First Republic Bank landed itself in financial trouble last month, after which it decided to pursue a loan deal without any government assistance. This approach proved fruitless, with the auction process for the bank commencing last week.

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