Fried Frank represented Merrill Lynch Bank & Trust Co., FSB, as bank regulatory counsel in its acquisition of the First Franklin mortgage origination franchise and related mortgage servicing platform from National City Bank, Cleveland, Ohio. First Franklin, with about 2,000 employees, originates first and second lien mortgage loans and home equity lines of credit through a national wholesale network and an online retail platform. Under terms of the agreement, Merrill Lynch paid a purchase price of approximately US$1.3b for the San Jose, California-based First Franklin, and affiliated business units, Pittsburgh-based National City Home Loan Services and NationPoint, headquartered in Lake Forest, California. The acquisition was completed effective December 30, 2006.

The Fried Frank team included corporate partners Thomas P. Vartanian (DC), David L. Ansell (DC) and Robert H. Ledig (DC), and corporate special counsel Mark Fajfar (DC).