First Republic deal expected by Sunday night, Reuters reports

Citizens Financial Group (CFG), PNC Financial Services (PNC) and JPMorgan Chase (JPM) are among bidders vying for First Republic in an auction process being run this weekend by the Federal Deposit Insurance Corp, Reuters reports, citing sources familiar with the matter. U.S. Bancorp (USB) was also among banks the FDIC had asked to submit a bid, Bloomberg reported, citing people with knowledge of the matter. The bidders were asked to give non-binding offers by Friday and were studying First Republic’s books over the weekend, one of the sources told Reuters. A deal is expected to be announced on Sunday night before Asian markets open, with the FDIC likely to say at the same time that it had seized the lender, three of the sources added. Bids are due by Sunday at noon, one of the sources said. One person added that the banks will likely bid for all of First Republic’s deposits, a sizable chunk of its assets and some of its liabilities. Reference Link