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A First Republic Bank in Palo Alto, Calif. is shown Wednesday, Oct. 21, 2009.

Paul Sakuma Paul Sakuma – Wed Oct 21, 5:55 pm ET

A First Republic Bank in Palo Alto, Calif. is shown Wednesday, Oct. 21, 2009. Bank of America Corp. has agreed to sell First Republic Bank, a private bank it inherited from Merrill Lynch & Co., to a group of investors for more than $1 billion, according to a report Wednesday by The Wall Street Journal. (AP Photo/Paul Sakuma)

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