Which bank was acquired by JPMorgan Chase in 2008 in a government-brokered deal?

Which bank was acquired by JPMorgan Chase in 2008 in a government-brokered deal? The bank was Bear Stearns.

Bear Stearns was a major Wall Street investment bank whose collapse became one of the first defining shocks of the 2008 financial crisis. Its exposure to mortgage-related securities and highly leveraged positions damaged investor confidence, while funding markets rapidly became unwilling to lend to the firm.

In March 2008, the Federal Reserve Bank of New York helped organize a rescue. JPMorgan Chase agreed to purchase Bear Stearns, while a Federal Reserve-backed vehicle called Maiden Lane LLC acquired about $30 billion of Bear Stearns assets. JPMorgan’s initial offer was only $2 per share, though shareholder pressure later raised the agreed price to $10.

Bear Stearns was not a conventional retail bank like Washington Mutual, and its transaction was a rescue of an investment bank. Lehman Brothers, another investment-bank name from the crisis, was not acquired by JPMorgan Chase; it filed for bankruptcy in September 2008. Bear Stearns shareholders approved the JPMorgan sale on May 29, 2008.