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U.S. markets recover from steep losses
SAN FRANCISCO, Jan. 29 (UPI) -- Merrill Lynch & Co., the biggest U.S. retail brokerage, will buy San Francisco wealth manager First Republic Bank for $1.8 billion, the company said Monday.
The cash-and-stock deal pushed First Republic shares up $15.40 or 40.21 percent to $53.70 in mid-morning trading on the New York Stock Exchange from Friday's closing price of $38.30. Merrill Lynch had agreed the stock portion of the deal would pay $55 a share.
Merrill Lynch said $10.7 billion-asset First Republic would be a new division of Merrill Lynch Bank & Trust Co. and continue as a stand-alone brand.
First Republic, a private bank, caters to wealthy customers and has few credit problems, Merrill Lynch said.
The takeover is expected to be completed by September, pending regulatory approvals and an approval by First Republic shareholders.
Bank Chairman and Chief Executive Jim Herbert and Chief Operating Officer Katherine August-deWilde will remain, Merrill Lynch said.
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