JPMorgan and PNC are vying to acquire First Republic Bank $FRC as part of a bid to take over the bank in connection with the FDIC takeover. The government's seizure of First Republic Bank could lead to a potential sale as early as this weekend, according to a recent report by The Wall Street Journal.

The move comes as regulators continue to take steps to shore up the financial system amid a global economic downturn. First Republic Bank has been hit hard by the ongoing crisis, and the FDIC takeover is seen as a necessary step to prevent further damage.