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JPMorgan to take over First Republic after fourth bank blow-up of the year

JPMorgan Chase has won the auction to take over fallen First Republic Bank, the Federal Deposit Insurance Corp. announced early Monday morning, making it the third major regional bank to be sold after a bank failure since March.

The deal will see America’s largest bank JPM assume all the deposits and “substantially all the assets” of First Republic FRC, which became the fourth U.S. bank to fail this year.

“Our…

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