Fortune May 1, 2023

JPMorgan clears the First Republic wreckage—and notches a $92 billion coup for investors who love the deal

In 1994, Congress passed a landmark law that allowed America’s banks to merge across state lines with few restrictions. To allay fears that the industry’s whales would become far bigger and even more powerful, the measure limited the total share of the nation’s deposits that any one entity could hold to 10%, as well as restricting the percentage within a state to 30%. The

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