First Republic Bank, the fourteenth largest bank in the US, is facing financial difficulties due to a large portfolio of low-interest loans, including a huge portfolio of jumbo mortgages. Depositors have withdrawn $100bn from the bank's reserves, and the bank has a balance sheet hole of around $30bn. First Republic has reportedly borrowed over $105bn in the last month to shore up its balance sheet. The bank has asked large banks like JP Morgan and PNC Financial to submit bids to acquire it.

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