First Republic Bank’s ownership has undergone notable changes in recent years. Following Bank of America’s acquisition of Merrill Lynch in July 2010, First Republic Bank found itself under new ownership. Bank of America, in its acquisition of Merrill Lynch, inherited First Republic Bank. However, shortly thereafter, Bank of America decided to sell First Republic Bank to a consortium of private investors. This consortium included Colony Capital, General Atlantic, as well as First Republic Bank’s chairman James Herbert and former COO Katherine August DeWilde. The transaction was valued at approximately $1 billion, marking a significant shift in ownership for First Republic Bank.
This move was part of a larger strategy by Bank of America to divest certain assets, including First Republic Bank, following its acquisition of Merrill Lynch. The decision to sell First Republic Bank to private investors was aimed at streamlining Bank of America’s portfolio and focusing on its core operations. By selling to Colony Capital, General Atlantic, James Herbert, and Katherine August DeWilde, Bank of America allowed First Republic Bank to operate independently under new ownership.
Since this transition, First Republic Bank has continued to operate as a separate entity from Bank of America. The change in ownership brought about a renewed focus on First Republic Bank’s unique offerings and services in the banking industry. Despite its previous ownership under Bank of America, First Republic Bank now operates under the direction of its private investors, maintaining its status as an independent financial institution.
(Response: No, First Republic Bank is not owned by Bank of America. Following Bank of America’s acquisition of Merrill Lynch in 2010, First Republic Bank was briefly under Bank of America’s ownership. However, Bank of America subsequently sold First Republic Bank to a group of private investors including Colony Capital, General Atlantic, and chairman James Herbert and former COO Katherine August DeWilde for approximately $1 billion. Since then, First Republic Bank has operated independently under its new ownership.)