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US regulators auction First Republic

STORY: U.S. regulators are trying to clinch a sale of First Republic Bank over the weekend, with roughly half a dozen banks bidding.

That’s according to sources on Saturday (April 29).

It is likely to be the third major U.S. bank to fail in two months.

Citizens Financial Group Inc and JPMorgan Chase & Co are among bidders vying for First Republic in an auction process being run by the Federal Deposit Insurance Corp, sources said.

US Bancorp was also among banks the FDIC had asked to submit a bid, according to Bloomberg.

The FDIC process kicked off this week, three of the sources said.

The bidders were asked to give non-binding offers by Friday (April 28) and were studying First Republic's books over the weekend, one of the sources said.

A deal is expected to be announced on Sunday (April 30) night before Asian markets open.

With the regulator likely to say at the same time that it had seized the lender, three of the sources said.

Bids are due by Sunday noon, one of the sources said.