Fed to Conclude Bear Stearns and JPMorgan Arrangements by June 26

On Thursday morning, the Federal Reserve Bank of New York announced its intentions to conclude arrangements for the financing of JPMorgan's acquisition of Bear Stearns by June 26 and finish valuating the investment bank's portfolio.

"The New York Fed, in coordination with JPMorgan Chase, is working carefully and expeditiously to put in place the operational arrangements necessary for the transfer of the portfolio to take place," read the press release on the Empire Fed's website.

"The portfolio of assets will be managed to minimize disruption to financial markets and maximize recovery value."

Earlier on Thursday, Bear Stearns shareholders approved the sale of the investment bank to JPMorgan for $2.3 billion.

By Erik Kevin Franco and edited by Nancy Girgis