Media: US regulators have set a deadline for bids on failing banks.

Authorities are trying to secure the sale of struggling First Republic Bank before a government takeover. The Federal Deposit Insurance Corporation (FDIC) has set a deadline of Sunday for bids to buy the bank, and five possible bidders are likely to be announced later on Sunday or Monday morning. A seizure by FDIC would make First Republic Bank the third US lender to fail after the collapses of Silicon Valley Bank and Signature Bank in March. Analysts say choosing a buyer before announcing a government takeover would allay fears of further contagion in the US banking sector and ease the stress on the FDIC’s deposit insurance fund.