July 1, 2010

General Atlantic Acquires First Republic Bank

On July 1, Paul, Weiss client General Atlantic (GA) announced the completion of the acquisition of First Republic Bank, a San Francisco-based private bank and wealth management firm, from Bank of America for approximately $1.86 billion. GA co-led a group of private investors to re-establish First Republic Bank as an independent financial institution with approximately $20 billion of total banking assets, $18 billion of deposits and $16 billion of wealth management assets.The Paul, Weiss team representing GA included corporate partners Paul Ginsberg and Tarun Stewart, associates Joel Karansky and Devon Williams; tax partners Rick Bronstein and associate Patrick Karsnitz; intellectual property counsel Claudine K. Meredith-Goujon and associate Zoe Hilden; employee benefits partner Rob Fleder, and associates Reuven Falik, Judy Hensley and Kimberly Steefel; and real estate partner Peter Fisch and associate Sena Ku.