Merrill Lynch has completed the merger of First Republic Bank, which is now part of Merrill Lynch Bank & Trust. First Republic, a private banking and wealth management firm focused on high-net-worth individuals and their businesses, will continue to operate under the First Republic Bank brand, according to Merrill. San Francisco-based First Republic has some $34 billion in managed assets and branches in 10 major metropolitan areas nationwide.
"First Republic will enable Merrill Lynch to accelerate our strategic objective of growing our high-net-worth, private banking business," explains Robert J. McCann, president of Merrill's Global Wealth Management group. "Merrill Lynch's goal is to provide First Republic with resources and support to replicate the firm's success in key affluent markets across the country and to benefit from its deep banking expertise."
Janet Levaux is the managing editor of Research; reach her at email@example.com.