US financial regulators are reportedly finalizing a buyout deal for First Republic Bank with JPMorgan Chase, PNC Financial Services, and Citizens Financial Group. The Federal Deposit Insurance Corporation received several bids and is expected to announce the deal soon. However, Bitcoin's price declined as the deal closed in.
The FDIC attempted to revise the buyout bid in accordance with specific criteria, including assets owned by the lender, according to Reuters. The buyout deal comes amid the banking crisis, which has raised concerns about the stability of the financial system.
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