Bank of America to Sell First Republic Bank to Investors |
|
By: Bank of America Corporation Posted: 2009-10-22 05:35:16 |
|
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. |
| Trackback url: https://press.abc-directory.com/press/5297 |