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Axios

Business

Banks submit First Republic bids to FDIC

FDIC First Republic Axios

The Federal Deposit Insurance Corporation began accepting formal bids at noon today for embattled First Republic Bank, according to sources familiar with the matter, as suitors and the government scramble to stabilize the San Francisco lender.

Why it matters: Clarity on the fate of the bank, which has lost nearly all of its market value in the span of a few weeks, is critical to stopping investor flight from First Republic.

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