JPMorgan Chase, Bank of America asked for bids

A First Republic bank branch in Manhattan on April 24, 2023 in New York City.

Spencer Platt | Getty Images

U.S. regulators have asked banks for their best and final takeover offers for First Republic by Sunday afternoon, in a move that authorities hope will calm markets and cap a period of uncertainty for regional lenders.

JPMorgan Chase and PNC are likely bidders for the ailing lender, which would be seized in receivership and immediately sold to the winning bank, according to people with knowledge of the situation. The Wall Street Journal reported those banks’ interest late Friday.

Other companies are likely to step up. Bank of America is among several other institutions that are weighing a potential bid for First Republic, according to people with knowledge of the matter.

If regulators led by the Federal Deposit Insurance Corp. receive an acceptable offer by Sunday, it’s possible a new owner for First Republic could be announced early Monday. That scenario would create the least disruption for First Republic customers, who would start the week knowing that their bank was now owned by a financially stable operator.

This is breaking news. Please check back for updates.

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