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First Republic’s customers will keep their money, but its stock is worth zero

JPMorgan Chase & Co. will protect all insured and uninsured deposits for customers at First Republic Bank as part of its acquisition of the bank, the merging financial institutions said Monday.

As JPMorgan Chase JPM announced its win in a government-led auction of First Republic Bank, the bank said it would step in starting Monday to serve all of the clients of the bank and protect its deposits.

“JPMorgan…

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