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US Regulators Seek Best and Final Offers for First Republic from JPMorgan Chase and PNC Bank of America Opts Out

US regulators have requested final takeover offers for First Republic from JPMorgan Chase and PNC by Sunday. This move comes in an effort to reduce uncertainty for regional lenders by calming the markets. Bank of America has opted out of making a bid after participating in earlier discussions. If regulators receive an acceptable offer by Sunday, a new owner for First Republic could be announced soon. This would create the least disruption for First Republic customers, who would be reassured to know their bank was now owned by a financially-stable operator. The First Republic auction has been seen as a means to end a tumultuous period for midsized US banks, following the collapse of Silicon Valley Bank in March. First Republic is a California-based specialty lender catering to wealthy Americans, but its business model faltered in the wake of customer withdrawals totaling over $100 billion.

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