JUST IN: Big banks are vying to acquire ailing First Republic, with final bids due to FDIC by 4 p.m. ET, a source tells CNN.
Final bids are due for First Republic Bank at 4 p.m. ET on Sunday, the source said. The Federal Deposit Insurance Corporation, the independent government agency that insures deposits for bank customers, is running the auction. Neither First Republic nor the FDIC were immediately available for comment. A decision on a First Republic buyer would seem likely to be announced later Sunday evening.
The banks agreed to take the risk and work together to keep First Republic flush with the cash in the hopes it would provide confidence in the nation’s suddenly battered banking system. The banks and federal regulators all wanted to reduce the chance that customers of other banks would suddenly start withdrawing their cash.
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