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PNC has inside track on bids for embattled First Republic Bank: report

PNC Financial Services is on the inside track of bidding on First Republic Bank, as the bidding deadline looms and the struggling bank's stock were free-fall earlier this month

PNC Financial Services has the inside track in bidding on First Republic Bank as the Sunday deadline looms, Fox News Digital has learned. 

The Federal Deposit Insurance Corp. (FDIC) asked JPMorgan Chase & Co., PNC Financial Services Group, and other banks to send final bids for First Republic Bank by Sunday after the federal corporation gauged interest last week, according to sources. 

Now, sources inside JPMorgan Chase & Co and Bank of America told Fox News Digital that the banks have conceded PNC Bank has the inside track on bidding. 

Sources previously told Fox News that there were five potential bidders, including JPMorgan Chase & Co. and PNC. 

FDIC SETS SUNDAY DEADLINE FOR FIRST REPUBLIC BANK BIDS: REPORT

First Republic's shares have been in free-fall since Monday after it was revealed that the bank's deposits dropped 40% in the first quarter, as customers pulled their funds amid fears of a growing crisis after Silicon Valley Bank was seized by regulators earlier this year. 

JPMORGAN, PNC BID TO BUY FIRST REPUBLIC BANK AMID POSSIBLE FDIC TAKEOVER: REPORT

First Republic would be the third bank to fail following the collapse of Silicon Valley Bank and Signature Bank.

FIRST REPUBLIC BANK SHARES NOSEDIVE AMID UNCERTAINTY ABOUT RESCUE DEAL

On Friday, Reuters reported that the FDIC expected the bank to be taken over by the government. The outlet said a source familiar with the matter said the FDIC decided the regional bank's position had deteriorated, and left no time for a private sector rescue.

A PNC spokesperson told Fox News Digital they had no additional comment when asked about First Republic bidding on Sunday.

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The top bidder is expected to be announced later Sunday or on Monday. 

Fox News Digital's Adam Sabes contributed to this report. 

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