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Fox Business
Fox Business
29 Apr 2023


JPMorgan Chase & Co. and PNC Financial Services Group are bidding to buy First Republic Bank after it's expected to be taken over by the government.

The major banks are expected to place bids on First Republic Bank after it is taken over by the U.S. Federal Deposit Insurance Corporation and sold, sources told the Wall Street Journal.

First Republic Bank in New York

A First Republic Bank branch in New York, US, on Friday, March 10, 2023. Major banks are bidding to buy First Republic Bank after it's expected to be taken over by the government. (Jeenah Moon/Bloomberg via Getty Images / Getty Images)

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.

Chase ATM location NYC

A man rides a bike past a Chase bank branch in Manhattan on Feb. 24, 2015, in New York City. Sources told the WSJ that JPMorgan Chase & Co. and PNC Financial Services Group are expected to place bids on First Republic Bank, April 2023. (Spencer Platt/Getty Images / Getty Images)

The outlet reported earlier in the day that officials from the FDIC, the Treasury Department and the Federal Reserve were coordinating talks to rescue the bank after private-sector efforts failed to yield a deal.

First Republic's shares have been in free-fall since Monday after the closing bell following the bank's revelation that its deposits dropped 40% in the first quarter as panicked customers pulled their funds amid fears of a growing crisis after Silicon Valley Bank was seized by regulators last month.

FDIC office sign on door

An FDIC sign is posted on a window at a Silicon Valley Bank branch in Wellesley, Mass., on Saturday, March 11, 2023. Reuters reported earlier in the day that officials from the FDIC, the Treasury Department and the Federal Reserve were coordinating t (AP Photo/Peter Morgan / AP Newsroom)

FOX Business' Joe Toppe and Reuters contributed to this report.