Shares of the major U.S. banks are in the green after JPMorgan Chase announced that it would pay $10.6 billion to the FDIC to buy most of First Republic Bank's assets.
As part of the deal, JPMorgan will make a $10.
6 billion payment to the Federal Deposit Insurance Corp for most of the San Francisco-based lender's assets, after government regulators seized control of the failed bank over the weekend, securing the third major U.S. financial institution to collapse in 60 days.JPMorgan also entered into a loss-share agreement with the FDIC on single family, residential and commercial loans it bought but will not take First Republic Bank's corporate debt or preferred stock.
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