Fortune;
US regulators were working into the night to resolve First Republic Bank crisis late Sunday after midday deadline passed for submitting final bids to take over struggling lender.
The Federal Deposit Insurance Corp. had asked banks including JPMorgan Chase & Co., PNC Financial Services Group Inc., and Citizens Financial Group Inc. to submit offers, according to people with knowledge of the matter. Bank of America Corp. and US Bancorp were also invited but decided against bidding, according to the people, who asked not to be identified discussing confidential talks.
If no agreement is reached, regulators would have the option of seizing First Republic and taking ownership of the bank.
Spokespeople for JPMorgan, PNC, Citizens Financial, US Bancorp, Bank of America and the FDIC declined to comment.
Morning update @FDICgov: To protect depositors, we entered into an agreement with JP Morgan Chase Bank to purchase and assume all deposits and assets of First Republic Bank.
3 out of the 4 largest bank failures in history have occurred in the last two months.