Bank of America to Sell First Republic To Investors

Bank of America announced that it will sell First Republic for an undisclosed sum to “a number of investors” led by First Republic management and including investment funds managed by Colony Capital and General Atlantic, according to their press release. The transaction is expected to close in the second quarter of 2010, subject to receipt of all regulatory approvals.

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.