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 * WSJ News Exclusive
 * Finance


JPMORGAN, PNC BIDDING FOR FIRST REPUBLIC AS PART OF FDIC TAKEOVER


SEIZURE AND SALE OF THE DISTRESSED LENDER COULD COME AS SOON AS THIS WEEKEND

What the FDIC Does to Protect Deposits When Banks Fail
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What the FDIC Does to Protect Deposits When Banks FailPlay video: What the FDIC
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The FDIC is doing what it was designed to do when banks go under: cover insured
deposits. Photo illustration: Madeline Marshall
By
Andrew Ackerman ,
David Benoit and
Rachel Louise Ensign
Updated April 28, 2023 11:03 pm ET

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Big banks including JPMorgan Chase & Co. and PNC Financial Services Group Inc.
are vying to buy First Republic Bank in a deal that would follow a government
seizure of the troubled lender, according to people familiar with the matter.

A seizure and sale of First Republic by the Federal Deposit Insurance Corp.
could come as soon as this weekend, the people said.


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