Citizens, PNC and JPMorgan are among roughly half a dozen bidders for First Republic, which was swept up in a banking crisis last month. The auction process is being run by U.S. regulators
Guggenheim Securities is advising the U.S. Federal Deposit Insurance Corp on the sale process, two sources familiar with the matter said.
The process kicked off this week after First Republic, which got swept up in a banking crisis last month, failed to come up with a deal without government help, three of the sources familiar with the situation said. The bidders were asked to give non-binding bids by Friday and are studying the bank's books over the weekend, one of the sources said.
A deal is likely to be announced on Sunday night before Asian markets open, with the regulator expected to seize the troubled lender at the same time, three of the sources said.A deal for First Republic would come less then two months after Silicon Valley Bank and Signature Bank failed amid a deposit flight from U.S. lenders, forcing the Federal Reserve to step in with emergency measures to calm markets.
A sale would bring to an end a weeks-long effort by First Republic to survive the market rout. Large banks had orchestrated an earlier lifeline for First Republic, injecting $30 billion in combined deposits from U.S. banking heavyweights, including Bank of America Corp
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