Home Add to Favorite Contact Submit  
           30 November, 2020


    
Category:  Press » Finances

 

Bank of America to Sell First Republic Bank to Investors

Popularity:
         Views: 1763
2009-10-22 05:35:16     
Bank of America Corporation

Bank of America Corporation today announced it has signed a definitive agreement to sell First Republic Bank to a number of investors, led by First Republic's existing management, and including investment funds managed by Colony Capital, LLC and General Atlantic LLC.

The transaction is expected to close in the second quarter of 2010, subject to receipt of all regulatory approvals. Terms were not disclosed.

First Republic was acquired on Jan. 1, 2009 as part of the Merrill Lynch & Co., Inc. acquisition. As of Sept. 30, 2009, First Republic had $19 billion in total assets, $16 billion in deposits, and $15 billion in wealth management assets under management.

Jim Herbert, chairman and founding chief executive officer, and Katherine August-deWilde, president and chief operating officer, will continue in their current positions along with the rest of the management team.

Bank of America Merrill Lynch acted as financial advisor for Bank of America. Wachtell, Lipton, Rosen & Katz acted as legal advisor to Bank of America.

Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 53 million consumer and small business relationships with 6,000 retail banking offices, more than 18,000 ATMs and award-winning online banking with more than 29 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.

URL: https://www.bankofamerica.com
Print press release      Bookmark this page
Related Press releases 
Connecticut Business Insurance Brokers Discuss General Liability Coverage (Popularity: ): Norwalk, Connecticut (press.abc-directory) September 30, 2020 - The Connecticut business insurance brokers at JMG Insurance Agency recently released a new informational article that answers the question, "what does general liability insurance cover?". The new blog can be found on the company's website. The information in the article is guided by the insurance agency's extensive professional experience handling general liability plans and ensuring their clients are properly and comprehensively covered. Their ...
FinAcc Global Introduced Financial Reporting Services for Manufacturing Industry (Popularity: ): Arlington,texas-- September 10, 2020 -- It has been an immense pleasure to announce that FinAcc Global is now offering financial reporting services for manufacturing industries. FinAcc Global presents accurate yet customized financial statements and reporting services that help manufacturers to make informed decisions. The company aims to prepare financial reports that help their clients expand their business growth with increased revenue. Moreover, they follow a distinct process while working on ...
FinAcc Global launches accounting services for telecommunication businesses. (Popularity: ): Arlington, Texas-- September 2, 2020 -- It has been an immense pleasure to proclaim that FinAcc Global, an accounting outsourcing company, launches specialized accounting services for telecommunication businesses. The outsourcing firm aims to deliver flexible and integrated finance accounting solutions that help the industry to overcome many challenges.FinACC Global presents comprehensive accounting services for the telecommunication industry with 100% data security and confidentiality. With the flexible engagement model and technology-enabled ...
Nelito Systems Ltd. appoints Mr. Sanjay Dube as the new Chief Executive Officer (Popularity: ): Navi Mumbai, July 08, 2020 – Nelito Systems Ltd. (Group Company of DTS Corporation, Japan), announced that Mr. Sanjay Dube has been appointed as the Chief Executive Officer.Mr. Sanjay Dube, prior to joining Nelito looked after the Fuel, Logistics and Land vertical for The Tata Power Company Limited. Prior to that, he looked after Strategy and Performance Analysis and before that, he looked after Treasury, Investor Relations and Corporate Finance, ...
CortiCare strengthens its management team by bringing on Aron Stern as CFO (Popularity: ): CARLSBAD, Calif. - January 14, 2020 -- CortiCare, Inc., a leading provider of technology and electroencephalographic (EEG) services to the hospital and physician office markets, today announced that Mr. Aron Stern has joined the company as its Chief Financial Officer. Stern will oversee the company’s finance team, as well as management of cash flow, financial planning, M&A activities, and profitability.“CortiCare has grown to a stage where more advanced financial management and ...

Press release home snapshot 


Related Business 
Bank of America (Popularity: ): Nationwide bank. Includes product and service information, online banking and bank location finder.
Bank Of America Customer Service (Popularity: ): Get contact information of Bank of America. Customer can easily find BofA customer service phone numbers for credit card, mortgage, personal loans and more. Bank of America Customer Service Department is accessible 24 hours a day online as well as through phones, fax and email. One can visit a nearby branch to avail even more personalized service.
State-Investors Bank (Popularity: ): Community bank with branches in New Orleans, Louisiana.
AIG Federal Savings Bank (Popularity: ): At AIG Bank, our FDIC-insured certificate of deposits offer our customers some of the highest interest rates in the nation with no market risk. AIG Bank offers a wide variety of certificates of deposit rates so that investors can find the perfect option for investing in their future. Investing your money in certificates of deposit from AIG Bank can benefit your financial portfolio in many ways and we encourage you ...
HSBC Group (Popularity: ): Formerly the Hong Kong and Shanghai Banking Corporation, HSBC is now headquartered in London, but still controls the two largest banks in Hong Kong - Hongkong Bank and Hang Seng Bank - as well as Midland Bank PLC in the UK and Marine Midland and Republic Banks in the U.S.
Exchange Zone (Popularity: ): ExchangeZone now involves in digital currency buy, sell and exchange service provider work in India and world-wide. We are into this business past 3yrs and we have gain broad reputation by loyalty and authenticity. Now we support all Indian banks to buy sell and exchange digital currency, Instant Payment on ICICI Bank, State Bank of India and IDBI bank which is great advantage for Indian clients.
Mid America Bank (Popularity: ): An independent community bank serving Footville, Janesille, and Williams Bay areas.
The Central Bank of The Islamic Republic of Iran (Popularity: ): Responsible for the Iranian monetary policy, issuing bank notes and coins, regulating and supporting Iran's principal systems for clearing and settling payments.
Republic Bank (Popularity: ): Commercial bank with banking centers in 7 Kentucky communities offering a full line of financial products: checking, savings, CDs, loans, mortgages, investment management and internet banking.
Bank Recruitment In India (Popularity: ): Bank is recruiting candidates as Bank PO on the basis of entrance exam and Interview conducted by the individual Bank. Probationary Officer Program is conducted to invite all the eligible graduates to start their career in banking.