M&A Deal Summary

Merrill Lynch Wealth Management Acquires First Franklin Financial Co

On September 5, 2006, Merrill Lynch Wealth Management acquired financial services company First Franklin Financial Co, Inc. from National City Corp. for 1.3B USD

Acquisition Highlights
  • This is Merrill Lynch Wealth Management’s 2nd transaction in the Financial Services sector.
  • This is Merrill Lynch Wealth Management’s 1st largest (disclosed) transaction.
  • This is Merrill Lynch Wealth Management’s 2nd transaction in the United States.
  • This is Merrill Lynch Wealth Management’s 1st transaction in California.

M&A Deal Summary

Date 2006-09-05
Target First Franklin Financial Co, Inc.
Sector Financial Services
Buyer(s) Merrill Lynch Wealth Management
Sellers(s) National City Corp.
Deal Type Divestiture
Deal Value 1.3B USD

Target

First Franklin Financial Co, Inc.

San Jose, California, United States
First Franklin Financial Companies, Inc. offers residential mortgage loans and home loan solutions. Its services include loan programs, such as core, 40-year amortization, Best Score, single liens, documentation options, and alt-A.

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Buyer(S) 1

Buyer

Merrill Lynch Wealth Management

New York, New York, United States

website


Category Company
SectorFinancial Services
Employees15,100
Revenue 13.8B USD (2012)
DESCRIPTION

Merrill Lynch Wealth Management is the wealth management division of Bank of America. Merrill Lynch is headquartered in New York City and consists of over 15,000 financial advisors and $2.2 trillion in client assets.


DEAL STATS #
Overall 2 of 3
Sector (Financial Services) 2 of 2
Type (Divestiture) 1 of 1
State (California) 1 of 1
Country (United States) 2 of 2
Year (2006) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-04-29 Pax Clearing Corp.

Chicago, Illinois, United States

Pax Clearing Corp. is a full-service options, stock and futures clearing firm.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-31 Elan d.o.o.

Begunje na Gorenjskem, Slovenia

Elan d.o.o. is specialized in the production of skis, snowboards, and other sporting goods. Elan was founded in 1945 and is based in Begunje na Gorenjskem, Slovenia.

Buy -

Seller(S) 1

SELLER

National City Corp.

Cleveland, Ohio, United States

website


Category Company
Founded 1845
SectorFinancial Services
Employees29,828
DESCRIPTION

National City Corp. is a mortgage banking organization with over 300 offices. The Company provides mortgage services and is now a part of PNC.


DEAL STATS #
Overall 1 of 1
Sector (Financial Services) 1 of 1
Type (Divestiture) 1 of 1
State (California) 1 of 1
Country (United States) 1 of 1
Year (2006) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-07-12 Harbor Florida Bancshares Inc.

Fort Pierce, Florida, United States

Harbor Florida is a Florida based regional bank serving the central and eastern areas of the state.

Buy $1.1B