New York
CNN
—
Federal regulators are holding an auction for ailing regional bank First Republic, a person familiar with the matter tells CNN.
Final bids are due for First Republic Bank at 4 p.m. ET on Sunday, the source said.
The Federal Deposit Insurance Corporation, the independent government agency that insures deposits for bank customers, is running the auction.
Neither First Republic nor the FDIC were immediately available for comment.
A decision on a First Republic buyer would seem likely to be announced later Sunday evening. During times of market stress, government officials typically try to…
