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JPMorgan snaps up First Republic’s assets
REUTERS – JPMorgan Chase & Co (JPM.N) said on Monday it will buy most of First Republic Bank’s (FRC.N) assets after regulators seized the troubled lender at the weekend, marking the third failure of a major US bank in two months.
Under the deal, which came after an auction, JPMorgan will pay $10.6 billion to the US Federal Deposit Insurance Corp (FDIC) for most of the assets of the San Francisco-based bank, whose failure is the largest since Washington Mutual in 2008.