First Republic Bank FRCis said to be drawing bids from lenders JPMorgan Chase & Co. JPM and PNC Financial Services Group PNC, according to the Wall Street Journal late Friday night, citing people familiar with the matter.
The San Francisco-based lender has lost nearly all of its value so far this year after tumbling 43% on Friday, amid reports that the financial institution’s condition had deteriorated so far as to make a private-sector rescue difficult, with an outright government bailout of the lender seen unlikely.
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