JPMorgan completes buy of Bear Stearns as planned

JPMorgan said Saturday it completed the purchase on Friday, a day after Bear Stearns shareholders approved the deal with 84 percent voting "yes."

Bear Stearns began having problems in March staying operational due to credit market troubles stemming from diminished demand for mortgage-related assets. With the backing of the New York Federal Reserve, JPMorgan offered to buy the ailing investment bank.

Each outstanding share of Bear Stearns common stock was converted into the right to receive 0.21753 shares of JPMorgan Chase common stock.

JPMorgan shares fell 85 cents, or 2 percent, to $42.15 Monday.