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.
More brands are now offering a way to stop the flood of Mother's Day marketing emails, sparing customers who don't want them from potentially bittersweet messages or even painful reminders.
Why it matters: Mother's Day can be difficult for a host of reasons — the loss of a family member or infertility, for example. By introducing the possibility of opting out from receiving promotional materials, companies are prioritizing empathetic communications over potential flash sale profits.
JPMorgan, and PNC Financial Services are among the large U.S. banks preparing a bid for embattled First Republic Bank, in a process the FDIC hopes to finalize over the weekend, according to sources familiar with the matter.
Why it matters: The scramble to both stabilize and find an owner for First Republic highlights the deep concern around the collapse of yet another U.S. bank, and the need to calm investors around the globe before Monday's market open.
First Republic Bank is uniquely and consistently praised by its customers — mainly wealthy individuals and businesses — but the San Francisco-based bank’s nearly 40 years of existence has been a bumpy ride.
Why it matters: The latest loop in the roller coaster that started nearly two months ago with the collapse of Silicon Valley Bank could soon end with a government takeover or sale.
