Bank of America To Sell First Republic Bank To Investors

Published: 21-Oct-2009

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

Bank of America 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 and General Atlantic.

Reportedly, First Republic was acquired on January 1, 2009 as part of the Merrill Lynch acquisition. As of September 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 CEO, 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 and Wachtell, Lipton, Rosen & Katz acted as legal advisor to Bank of America. The transaction is expected to close in the second quarter of 2010, subject to receipt of all regulatory approvals. Terms were not disclosed.

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