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JPMorgan, PNC bidding for First Republic as part of FDIC takeover
By Andrew Ackerman, David Benoit, and Rachel Louise Ensign
The Wall Street Journal
Friday, April 28, 2023
Big banks including JPMorgan Chase & Co. and PNC Financial Services Group 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.
A seizure and sale of First Republic by the Federal Deposit Insurance Corp. could come as soon as this weekend, the people said.
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The San Francisco-based bank has teetered for weeks following the March 10 failure of fellow Bay area lender Silicon Valley Bank. The SVB meltdown spurred panicky First Republic customers to pull around $100 billion in deposits in a matter of days. The stock has lost some 97% of its value since. ...
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