PNC Financial Services Group and JPMorgan Chase & Co are among the banks set to submit final bids for First Republic Bank on Sunday in an auction organized by US regulators, according to sources cited by Reuters.
The Federal Deposit Insurance Corp is likely to announce a deal late Sunday before Asian markets open, three sources told Reuters.
The parties involved declined to comment.
US regulators tried to secure a sale of First Republic over the weekend, with about half a dozen banks making offers, sources said on Saturday. This is the third major US bank that could go bankrupt in the last two months.
Citizens Financial Group Inc. ( CFG.N ) was another bidder interested in the bank, according to other sources.
A deal for First Republic would come less than two months after Silicon Valley Bank and Signature Bank filed for bankruptcy. The Federal Reserve had to intervene and take emergency measures to stabilize the markets.
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