First Republic shareholders elect to receive cash in merger

In a preliminary election, 72.4 percent of shareholders for San Francisco’s First Republic Bank (FRC) had voted to receive cash in a merger with Merrill Lynch & Co. (MER) as of Friday at 5 p.m., while 21.3 percent elected to receive Merrill Lynch common stock.

First Republic and Merrill Lynch expect to complete the merger on Friday Sept. 21.

A private bank and wealth management firm, First Republic and its subsidiaries had total bank and managed assets of $34.1 billion as of June 30, 2007.

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