Fifth Third Bancorp bid for First Republic earlier than sale to JPMorgan -sources


By Anirban Sen and David French

NEW YORK (Reuters) – Fifth Third Bancorp was one the banks that submitted closing bids for First Republic Financial institution on Sunday earlier than it was bought to JPMorgan Chase & Co, folks acquainted with the matter mentioned.

PNC Monetary Providers Group and Residents Monetary Group Inc had been the opposite final-round bidders for First Republic, Reuters has beforehand reported.

Earlier on Monday, JPMorgan emerged because the winner of a weekend public sale of First Republic Financial institution, in a deal that adopted the troubled lender being taken over by the Federal Deposit Insurance coverage Company (FDIC).

The phrases of Fifth Third’s provide couldn’t be discovered. The sources requested anonymity as a result of the matter is confidential. Fifth Third and the FDIC didn’t instantly reply to a request for remark.

(Reporting by Anirban Sen and David French in New York; Extra reporting by Saeed Azhar in New York and Peter Schroeder in Washington, D.C.; Enhancing by Greg Roumeliotis)

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