Federal Regulators In Process Of Finalizing Sale Of First Republic Bank : Reports

(RTTNews) - Federal regulators are currently in the process of finalizing a sale of First Republic Bank (FRC), with about six banks bidding for the troubled lender, according to several media reports.

The auction process is being run by the Federal Deposit Insurance Corp (FDIC), with Citizens Financial Group, PNC Financial Services Group, and JPMorgan Chase among the bidders vying for the First Republic Bank, the reports said citing people familiar with the matter.

FDIC set Sunday noon as the deadline for the bids for First Republic, the San Francisco-based bank that had been suffering from deposit withdrawals since the failures of Silicon Valley Bank and Signature Bank.

As per the media reports, a decision on a First Republic buyer would seem likely to be announced later Sunday evening.

Meanwhile, Bloomberg reported that Bank of America and U.S. Bancorp, which were also invited to submit bids, decided not to bid for First Republic Bank.

FRC closed Friday's regular trading at $3.51 down $2.68 or 43.30%. In after hours, the stock further dropped $1.18 or 33.62%.