The Federal Deposit Insurance Corp. has set a Sunday deadline for bidding on First Republic Bank, according to a report.
Bloomberg reported on Saturday that the FDIC has asked JPMorgan Chase & Co., PNC Financial Services Group, and other banks to send final bids for First Republic Bank by Sunday after the government corporation gauged interest through the week, according to sources.
The FDIC reached out to the banks on late Thursday asking for indications of interest, according to the report, which include a proposed price and estimated cost to the deposit insurance fund.
A source told FOX Business that there are five possible bidders, including JPMorgan Chase & Co., PNC Financial Services, and three others.
The source said that the bidders are unlikely to take all of First Republic Bank's assets and liabilities. They will take all deposits of First Republic Bank.
A winner is likely to be announced on Sunday or Monday morning.
Reuters reported on Friday that the FDIC has decided that the bank is expected to be taken over by the government.
Citing a person familiar with the situation, Reuters reported Friday that the FDIC has decided that the regional bank's position has deteriorated, leaving no more time to go after a private sector rescue.
Officials from the FDIC, Treasury Department, and the Federal Reserve were coordinating talks to rescue the bank after private-sector efforts failed to yield a deal.
FOX Business' Breck Dumas Joe Toppe and Reuters contributed to this report.