Banking

JPMorgan and Bank of America asked for final bids for First Republic Bank

The US regulator reached out to some banks late on Thursday seeking indications of interest, including a proposed price and an estimated cost to the agency’s deposit insurance fund

First Republic Bank: Authorities are stepping in after a particularly precipitous drop in the company’s stock over the past week, which is now down 97 per cent this year. Picture: Getty

The Federal Deposit Insurance Corp. has asked banks including JPMorgan Chase & Co., PNC Financial Services Group Inc., US Bancorp and Bank of America Corp. to submit final bids for First Republic Bank by Sunday after gauging initial interest earlier in the week.

The US regulator reached out to some banks late on Thursday seeking indications of interest, including a proposed price and an estimated cost to the agency’s deposit insurance fund.

Based on submissions ...