Bank of America to sell First Republic Bank

Bank of America Corp. said Wednesday it has agreed to sell First Republic Bank, a private bank it inherited from Merrill Lynch & Co., to a group of investors.

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Merrill Lynch & Co. Inc. said Monday it will buy First Republic Bank, which specializes in luxury home lending, for $1.8 billion. First Republic (down $0.22 to $38.30, Charts) shares soared more than 40 percent in pre-market trade.

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