US Banks Putting in Final Bids for Bankrupt First Republic Bank: Report
TEHRAN (Tasnim) – PNC Financial Services Group, JPMorgan Chase & Co. and Citizens Financial Group Incorporation were among the banks that submitted final bids for First Republic Bank on Sunday in an auction being run by US regulators.
The Federal Deposit Insurance Corporartion (FDIC) had been expected to declare a deal on Sunday night, with the regulator likely to say at the same time that it had seized the lender, three sources previously told Reuters news agency.
As the process dragged into Sunday evening, one source familiar with the situation said the regulators had come back multiple times with requests for bids to be revised and specific criteria to be refined on assets that were being bid. That source said there was a sense a decision was nearing.
