US regulators worked to resolve the First Republic Bank crisis after the deadline for submitting final bids to take over the struggling lender passed. The Federal Deposit Insurance Corp asked banks, including JPMorgan Chase, PNC Financial Services Group, and Citizens Financial Group, to submit offers. Bank of America and US Bancorp were also invited but decided against bidding. If no agreement is reached, regulators could seize First Republic and take ownership. None of the parties involved commented on the matter.
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Article Name
First Republic Bank Crisis: Feds Work Overnight After Bid Deadline
Description
US regulators worked to resolve the First Republic Bank crisis after the deadline for submitting final bids to take over the struggling lender passed.
Author
Susan Jane
Publisher Name
Fortune
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