HomeIndustriesJP Morgan, Bank of America Considering Bids for First Republic

JP Morgan, Bank of America Considering Bids for First Republic

The Federal Deposit Insurance Corporation is currently approaching banks to inquire about their interest in purchasing the struggling First Republic Bank, a source familiar with the matter claimed. The source added the regulators are eager to secure a deal for the bank soon.

Bank of America and JPMorgan Chase, the two largest banks in the United States, have expressed interest in pursuing a deal, Yahoo Finance reported. Both banks are expected to be preparing bids which will need to be submitted before the FDIC’s deadline of 12 p.m. ET Sunday in order to be considered. This follows reports on Friday that Pittsburgh-based PNC, the sixth largest U.S. bank, is also considering a bid.

Doubts over the future of First Republic Bank emerged in March when the banking sector’s stability was rocked across the board. In an effort to weather the storm, the San Francisco-based lender took out loans from the Federal Reserve and the Federal Home Loan Bank in addition to taking $30 billion in uninsured deposits from 11 of the largest U.S. banks.

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