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The $1 billion-asset company disclosed in a regulatory filing Tuesday that it sold Tri-State General Insurance Agency to an unnamed buyer for $2.9 million.
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TriState Capital Holdings (TSC) in Pittsburgh has raised $35 million through a private placement of subordinated debt.
June 10
First Republic Bank (FRC) in San Francisco
The $44 billion-asset bank said that it will use the proceeds for corporate purposes, which may include funding loans or purchasing investment securities.
The senior notes will carry an interest rate of 2.375% and will mature on June 17, 2019. First Republic will pay interest on a semiannual basis, beginning on Dec. 17 of this year.
This is the second capital raise for First Republic in the past few months. The bank
Several firms will jointly manage the offering, including Merrill Lynch, Pierce, Fenner & Smith; Goldman Sachs; J.P. Morgan and Morgan Stanley.