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First Republic Bank in San Francisco reported flat fourth-quarter profits as strong deposit growth and gains in both interest and fee income were largely offset by higher expenses.
January 15 -
James Herbert's bank is thriving by delivering top-notch service and maintaining strict underwriting standards at a time when many banks are struggling to increase revenues and undercutting each other to win loan business.
December 21 -
Although Congress may soon tackle whether to raise the $50 billion "systemic" threshold for banks, First Republic CEO James Herbert says the bank must still invest heavily in hiring the necessary staff to help it deal with the additional regulation from such a designation.
October 16 -
First Republic Bank (FRC) in San Francisco expects to raise up to $400 million through a debt offering.
June 11
First Republic Bank in San Francisco is planning to raise more than $200 million in a public offering.
The $48.4 billion-asset company said in a press release late Thursday that it will sell 3.5 million shares of its common stock. The price for the offering was not disclosed, though First Republic could raise about $208 million based on Thursday's closing price of $59.67 a share. Underwriters also will have a 30-day option to buy an additional 525,000 shares before the offering closes next Wednesday.
Proceeds from the offering will be used to fund loans or buy investment securities, the company said in the release.
Bank of America Merrill Lynch, Goldman Sachs, and JPMorgan Chase are the offering's joint book running managers.
