Big banks including JPMorgan Chase & Co. and PNC Financial Services Group Inc. are vying to acquire First Republic Bank in a deal that would take place after the government takes control of the bank. In addition, people familiar with the matter said First Republic Bank could be taken over and sold as early as this weekend.

The Federal Deposit Insurance Corporation (FDIC) is preparing to place First Republic Bank into receivership, according to people familiar with the matter. [The Wall Street Journal]