JPMorgan said it will assume all of First Republic’s $92 billion in deposits—insured and uninsured. It is also buying most of the bank’s assets, including about $173 billion in loans and $30 billion in securities.

As part of the agreement, the Federal Deposit Insurance Corp. will share losses with JPMorgan on First Republic’s loans. The agency estimated that its insurance fund would take a hit of $13 billion in the deal. JPMorgan also said it would receive $50 billion in financing from the FDIC. …

The deal means JPMorgan, the largest bank in the U.S., is poised to emerge from the current crisis even bigger. The lender has said it got about $50 billion in new deposits from panicky customers looking to move their money to a too-big-to-fail bank following March’s failures. JPMorgan had $2.4 trillion in deposits at the end of the first quarter.

[Great. We essentially paid JPMC $20 billion and gave it First Republic on top of it; JPMC agreed to repay the $30B lifeline that First Republic got in March. Not only did “too big to fail” JPMC get even bigger, we paid them for the privilege. Jerome Powell and the Fed are forcing even more consolidation in a too-concentrated banking system, thanks to the interest rate hikes that they cannot avoid because of Joe Biden’s raging inflation. It’s a disaster. — Ed]