First Republic Bank (FRC) in San Francisco is planning to sell more than 3.5 million shares of common stock.
The $42.1 billion-asset company said late Monday that it will sell the shares in a public offering that is expected to take place later this week. The offerings underwriters could sell an additional 525,000 shares if there is sufficient demand.
The offering could raise more than $214 million based on the companys closing price on Monday.
First Republics last sold common stock when it went public in December 2010.
The company said it plans to use the net proceeds for general corporate purposes that could include funding loans or buying investment securities for its portfolio.
