Federal regulators are expected to announce the seizure and sale of First Republic Bank by Monday morning, which would mark the third U.S. bank failure this year.
Among those that submitted offers to buy the San Francisco lender after a government takeover are JPMorgan Chase and PNC Financial, the Journal reported.
First Republic’s shares had already lost much of their value when the lender disclosed last Monday that it lost about $100 billion in deposits after last month's banking panic.
The stock kept diving throughout the week and closed Friday at $3.51, after trading as high as $147 this year. Broader markets gained after a series of strong corporate earnings, with all three indexes ending April higher.
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May 01, 2023 at 08:00AM
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Stock Market Today: Dow Futures Flat After Stocks Notch Gains for April - The Wall Street Journal
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