BofA Sells First Republic For $1B

Law360, New York (October 21, 2009, 6:31 PM EDT) -- Bank of America Corp., aiming to raise capital and pay back bailout billions, has agreed to sell First Republic Bank to a group of investors led by private equity firms Colony Capital LLC and General Atlantic LLC.

Bank of America announced Wednesday that it had signed a definitive agreement to the buyout group and expected the transaction to close in the second quarter of 2010.

The bank remained mum on the terms of the deal, but the Wall Street Journal reported that the price tag was...
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