JPMorgan Chase & Co. and PNC Financial Services Group are bi

JPMorgan Chase & Co. and PNC Financial Services Group are bidding to buy First Republic Bank after it's expected to be taken over by the government.

The major banks are expected to place bids on First Republic Bank after it is taken over by the U.S. Federal Deposit Insurance Corporation and sold, sources told the Wall Street Journal.

Citing a person familiar with the situation, Reuters reported Friday that the FDIC has decided that the regional bank's position has deteriorated, leaving no more time to go after a private sector rescue.