The Federal Deposit Insurance Corp. has asked banks including JPMorgan Chase & Co., PNC Financial Services Group Inc., US Bancorp and Bank of America Corp. to submit final bids.
Hannah Levitt, Katanga Johnson, Gillian Tan and Katherine Doherty
Spokespeople for JPMorgan, PNC, US Bancorp, Bank of America and the FDIC declined to comment. Bank of America is considering whether to proceed with a formal offer, one of the people said. Citizens Financial Group Inc. is also involved in the bidding, Reuters reported, citing people with knowledge of the matter.
The stock’s drop — leaving the company with a $650 million market value — has made such a takeover at least somewhat more feasible.JPMorgan is among a small number of giant banks that have already amassed more than 10% of nationwide deposits, making the firm ineligible under US regulations to acquire another deposit-taking institution. Authorities would have to make an exception to allow the country’s largest bank to get even bigger.
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