FDIC Works Overtime To Announce A First Republic Takeover By Late Sunday, Reports Say. Rumor Suggests PNC Might Prevail Over Bigger Peers.

First Republic Bank's FRC fate may soon be sealed. Multiple media outlets earlier reported that the beleaguered regional bank would soon be taken over by the Federal Deposit Insurance Corporation (FDIC).

The FDIC, in turn, is said to be actively seeking a potential buyer for First Republic once the bank is placed under receivership.

JPMorgan, PNC Frontrunners: Since Friday, JPMorgan Chase & Co. JPM and PNC Financial Services Group, Inc. PNC have been considered lead contenders to buy First Republic. Providence, Rhode Island-based Citizens Financial Group, Inc. CFG is also among the bidders, according to Reuters.

Altogether, about half a dozen banks have expressed interest in First Republic and were asked to submit their bids by midday Sunday, Reuters noted. The FDIC could announce a deal Sunday night before the Asian markets open, it added.

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PNC Has Edge? Insiders at JPMorgan and Bank of America Corp. BAC concede that PNC has an advantage in the bidding war, Fox News senior correspondent Charles Gasparino tweeted on Sunday, although the scoop could not be verified by other sources.

PNC's relative advantage seemingly stems from the deposit cap, which could serve as a deterrent to bigger banks, many of which have already hit the upper ceiling norm for deposits, he said. The media personality also said that PNC is “more of a regional bank” that would have the scope to expand to “new regions, something Feds would like."

"BofA/JPM already in FRC's backyard," he added.

Read Next: Larry Summers Says ‘Disappointed’ First Republic Bank Crisis Lingered Long: ‘Hope … Best Way Forward Will Be Found Within The Next Week’

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