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The TD-Horizon link-up was abandoned in the wake of the Silicon Valley Bank collapse. Experts say the chill in bank mergers is sure to last for quite a while longer.
Simon spearheaded an industry lifeline to First Republic Bank and ultimately stepped in to buy the lender last week when those efforts proved insufficient.
JPMorgan will take over First Republic’s assets, including about $173 billion of loans and $30 billion of securities, as well as $92 billion in deposits.
First-quarter results showed customer deposits plunged 41 percent to $104.5 billion in the period, missing the $137 billion average of analyst estimates.