JPMorgan Chase, Financial institution of America requested for provides

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 final takeover bids First Republic by Sunday afternoon, in a move authorities hope will calm markets and limit a period of uncertainty for regional lenders.

JPMorgan Chase And pnc are likely to be bidders for the troubled lender, which would be declared bankrupt and immediately sold to the winning bank, according to people familiar with the situation. The Wall Street Journal reported interest from these banks late Friday.

Other companies are likely to follow suit. Bank of America is one of several other institutions weighing a potential bid for the First Republic, according to people familiar with the matter.

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