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JPMorgan to acquire most of the First Republic after frantic weekend rescue
Event Description
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-What happened? JPMorgan Chase (JPM) is going to take over First Republic Bank (FRC) after the San Francisco lender was shut by the Californi Show More
-What happened?
JPMorgan Chase (JPM) is going to take over First Republic Bank (FRC) after the San Francisco lender was shut by the California Department of Financial Protection and Innovation, the Federal Deposit Insurance Corp. announced.
Most assets of First Republic Bank are being purchased by JPMorgan Chase, who said it had acquired the substantial majority of assets and assumed the deposits and certain other liabilities of First Republic Bank from the FDIC.
-Stock Performance
$First Republic Bank (FRC.US)$ is plummeting more than 45%, while $JPMorgan (JPM.US)$ is rising more than 3% before the market opens this Monday.
-What's your next move on FRC stock?
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