JPMorgan Chase, Bank of America asked for offers


A First Republic bank branch in Manhattan on April 24, 2023 in New York City.

Spencer Platt | Getty Images

US regulators have asked banks for their best and latest takeover bids for First Republic by Sunday afternoon, in a move authorities hope will calm markets and cap a period of uncertainty for regional lenders.

JPMorgan Chase And ANC are likely bidders for the troubled lender, which would be seized in receivership and immediately sold back to the winning bank, according to people with knowledge of the situation. The Wall Street Journal reported interest from those banks Friday night.

Other companies are likely to step up. Bank of America is among several other institutions that are evaluating a potential offer for the First Republic, according to people familiar with the matter.

This is breaking news. Please check for updates.

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