Another bank failure in Joe Biden’s America.
JPMorgan Chase Co and and PNC Financial Services have put in bids to buy First Republic Bank, according to The Wall Street Journal.
The bank sale will happen after the FDIC takes over the institution.
“A seizure and sale of First Republic could come as soon as this weekend,” The Wall Street Journal reported.
First Republic Bank’s shares plunged 50% Friday morning.
The company’s stock has plummeted more than 90% this year.
Earlier this week First Republic Bank said customer deposits tumbled 40% in Q1 – worse than Wall Street expected.
Deposits fell to $104.5 billion in the first quarter but the bank says deposits have since stabilized.
Silicon Valley Bank and Signature Bank both collapsed last month after depositors withdrew billions of dollars.
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