BofA To Sell First Republic Bank

October 22, 2009 (FinancialWire) — Bank of America Corp. (NYSE: BAC) said 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.



First Republic was acquired by B of A on January 1, 2009 as part of its acquisition of Merrill Lynch & Co. As of Sept. 30, 2009, First Republic posted $19 billion in total assets, $16 billion in deposits, and $15 billion in wealth management assets under management.



The transaction is scheduled to close in the second quarter of 2010. Terms were not disclosed.



Charlotte, North Carolina-based Bank of America serves around 53 million consumer and small business relationships with 6,000 retail banking offices, more than 18,000 ATMs and online banking with more than 29 million active users.



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