First Republic Bank to be seized by Federal regulators

Federal regulators are racing to seize and sell First Republic Bank, as it is currently going through a rough patch, and is expected to complete the deal by Sunday.

Citizens Financial Group Inc., PNC Financial Services Group and JPMorgan Chase & Co are among bidders eyeing First Republic in an auction process run by the Federal Deposit Insurance Corp.

A deal for First Republic would come less than two months after Silicon Valley Bank and Signature Bank failed, which forcing the Federal Reserve to step in with emergency measures to stabilise markets. The Federal Deposit Insurance Corporation (FDIC) officially insures deposits up to $250,000.