It became clear this past week that nobody was willing to ride to First Republic’s rescue before a government seizure because larger banks were worried that buying the company would saddle them with billions of dollars in losses.
, according to several people with knowledge of the matter, in a bid to put an end to a banking crisis that began last month with the collapse of Silicon Valley Bank.
The FDIC started sounding out potential buyers late last week as it became clear that there were few options outside a government takeover, one of the people said. By Friday, the FDIC asked potential bidders to submit binding offers by Sunday, this person said. Those potential bidders have been given access to detailed information on First Republic’s finances, another person familiar with the situation said.
First Republic, which is based in San Francisco and has most of its branches on the coasts where it serves affluent customers who work in industries such as technology and finance, has been considered the most vulnerable regional bank since the banking crisis began unfolding in March with the sudden collapse of Silicon Valley Bank.
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