Merrill Lynch Expands Footprint

NEW YORK - Brokerage giant Merrill Lynch has agreed to acquire First Republic Bank of San Francisco for $1.8 billion in cash and stock. The deal gives the biggest U.S. broker the ability to access to $10.7 billion of assets held by First Republic, which provides investment services including trust banking and luxury home lending. Merrill, which also owns a state-chartered industrial loan company through which it accepts retail deposits, would not be affected by pending federal legislation to bar non-financial companies from the banking business. (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com