Big banks including JPMorgan Chase & Co and PNC Financial Group are bidding for First Republic Bank of the United States, which is faltering, (Reuters)

[Financial Channel/Comprehensive Report] The First Republic Bank of the United States is shaky, and it is rumored that the Federal Deposit Insurance Corporation (FDIC) will take over as soon as this weekend. The Wall Street Journal reported that JPMorgan Chase & Co. Co) and PNC Financial Services Group (PNC Financial Services Group), are bidding to buy First Republic Bank, and the transaction will be carried out after the government takes over.

First Republic Bank (First Republic Bank) announced its financial report this week showing that there was a large-scale outflow of deposits in the first quarter of this year, with a loss of more than US$100 billion (about NT$3 trillion). Since then, First Republic Bank’s stock price has collapsed by about 97%.

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Although the FDIC, the U.S. Department of the Treasury, the Federal Reserve and other government agencies have recently held meetings with financial industry players, hoping to rescue First Republic Bank, sources said that the FDIC believes that the financial situation of First Republic Bank has deteriorated and is preparing to take the First Republic Bank is placed in receivership.

Spokespeople for First Republic and the FDIC declined to comment.

Both JPMorgan and PNC Financial Group have experience making acquisitions as crises unfold, with JPMorgan buying Bear Stearns in 2008 and Washington Mutual following its bankruptcy and being taken over by the FDIC Business.

PNC Financial Group also acquired troubled National City in 2008, which made PNC Financial Group one of the largest regional banks in the United States, and as of the end of 2022, PNC Financial Group is the sixth largest bank in the United States.

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