ChainCatcher news, JPMorgan Chase has become the winner of the weekend auction for First Republic Bank, acquiring all of the bank's deposits and "the vast majority of its assets."According to reports, JPMorgan's acquisition of First Republic Bank will include approximately $173 billion in loans and about $30 billion in bonds, while also acquiring around $92 billion in deposits from First Republic Bank, which includes $30 billion in deposits provided by several large banks recently.Previous report stated that last weekend, large banks including JPMorgan Chase and PNC Financial Services Group were competing to acquire First Republic Bank. (Source link)

ChainCatcher news, according to CNBC, U.S. regulators have asked banks to submit their best and final bids for the acquisition of First Republic, hoping to calm market sentiment and bring an end to the uncertain period for regional banks.According to informed sources, JPMorgan and PNC Financial Services Group may be bidders for First Republic Bank. Other companies may also follow suit, as CNBC learned that Bank of America is one of several other institutions considering a bid for First Republic. (source link)

ChainCatcher news, according to a report by The Wall Street Journal citing informed sources, large banks including JPMorgan and PNC Financial Services Group are competing to acquire First Republic Bank, with the transaction expected to take place after the government takes over the troubled bank.Informed sources indicate that First Republic Bank could be seized and sold as early as this weekend. (Source link)

ChainCatcher news, citing sources from Reuters, reports that the Federal Deposit Insurance Corporation (FDIC) is preparing to place First Republic Bank under bankruptcy management.The source stated that U.S. banking regulators have decided that the situation of this troubled regional bank has deteriorated, and there is no more time to seek assistance from the private sector. The source requested anonymity as the matter is confidential. Representatives from First Republic and the FDIC did not immediately respond to requests for comment. (source link)

ChainCatcher message, market data shows that First Republic Bank's intraday decline has widened to 43%, and it has been suspended again.

ChainCatcher news, market data shows that First Republic Bank's market value has fallen below $1 billion, with its stock price dropping below $5, a decline of about 40%.ChainCatcher previously reported that the White House or the Treasury Department seems to have rejected pressure on banks to force them to sell assets for self-rescue. In addition, some analysts attribute today's significant rebound in Bitcoin to the renewed turmoil in the U.S. banking sector.

ChainCatcher news, according to Cointelegraph, some analysts attribute today's significant rebound in Bitcoin to the renewed turmoil in the U.S. banking sector.According to U.S. stock data, First Republic Bank saw a maximum decline of nearly 20% today, with trading halted twice during the day; the decline has since narrowed to 16%. According to its previously released earnings report, First Republic Bank's customer deposits decreased by 40.8% this quarter due to customer withdrawals. The bank received a $30 billion cash injection in March, but quarterly outflows have exceeded $100 billion.Additionally, CNBC reports citing sources that the U.S. White House or Treasury Department currently seems unwilling to pressure banks to develop an asset sale plan for First Republic Bank. (source link)

ChainCatcher news, U.S. regional bank stocks continue to decline in pre-market, First Republic Bank (FRC) down over 22%, Pacific Western Bank (PACW) down about over 10%. (Jin10 Data)

ChainCatcher message, the market shows that First Republic Bank pre-market dropped over 30%, following Silicon Valley Bank, the bank also faced a run on deposits late last week.

ChainCatcher news, Mike Alfred, founder and managing partner of Alpine Fox LP, tweeted that the Federal Deposit Insurance Corporation (FDIC) has arrived on-site at First Republic Bank to determine the best way to protect depositors, considering the accelerated bank run that has reached a critical point; the developments are happening much faster than expected.Starting today (March 12), First Republic Bank has restricted outgoing wire transfers and will completely stop processing wire transactions by the end of the day. The bank's wire transaction processing wording has now changed to "Thank you for your transaction, we will get back to you as soon as possible." (source link)