A swift denouement to Bear Stearns’ troubles came over the weekend of March 14-16 as JPMorgan Chase announced on Sunday, March 16, that it was buying the ailing firm for a stock swap that values Bear Stearns at about $2 per share. That puts the purchase price for Bear Stearns at $236 million, according to The Associated Press.

In a statement on the bank’s Web site, JPMorgan Chase also says that: “Effective immediately, JPMorgan Chase is guaranteeing the trading obligations of Bear Stearns and its subsidiaries and is providing management oversight for its operations.” The bank expects the transaction to close quickly, by the end of the second quarter. “The Federal Reserve, the Office of the Comptroller of the Currency (OCC), and other federal agencies have given all necessary approvals.”

In addition, JPMorgan Chase’s statements says the bank received the following support from the Fed: “In addition to the financing the Federal Reserve ordinarily provides through its Discount Window, the Fed will provide special financing in connection with this transaction. The Fed has agreed to fund up to $30 billion of Bear Stearns’s less liquid assets.”