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First Republic Bank Announces Closing of Initial Public Offering

^{Published on 2010-12-14 07:35:26 - Market Wire}
 

SAN FRANCISCO--([ BUSINESS WIRE ])--First Republic Bank (aFirst Republica) (NYSE: FRC), a private bank and wealth management company, today announced the closing of its initial public offering of common stock. First Republic and certain selling shareholders offered and sold a total of 12,650,000 shares of its common stock to the public (including shares sold upon the exercise of the underwritersa™ option to purchase an additional 1,650,000 shares) at $25.50 per share. The offering priced on December 8, 2010.

Total net proceeds from the public offering to First Republic were $109.8 million, after deducting the underwritersa™ discount, commissions and estimated offering expenses. First Republic did not receive any proceeds from the sale of common stock by the selling shareholders, none of whom sold more than 7.5% of their total shares.

BofA Merrill Lynch, Morgan Stanley and J.P. Morgan were the joint book-running managers. The co-managers were Barclays Capital, Jefferies & Company, Keefe, Bruyette & Woods, Sandler Oa™Neill & Partners, L.P. and Stifel Nicolaus Weisel.

First Republic Bank is a California-chartered, FDIC-insured commercial bank and trust company. As of September 30, 2010, its assets totaled $22.0 billion, its deposits were $19.0 billion, its wealth management assets totaled $17.2 billion and loans serviced for others totaled $3.7 billion.

Together with its affiliates, First Republic specializes in providing full-service preferred banking, preferred business banking, real estate lending and wealth management services to clients through 61 offices in the following metropolitan areas: San Francisco; Palo Alto; Los Angeles; Santa Barbara; Newport Beach; San Diego; Portland; Boston; Greenwich and New York City. First Republic was founded in 1985 and is headquartered in San Francisco, California.