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First Republic Bank in San Francisco is planning to open as many as seven new offices on the East Coast this year and another three on West Coast as it looks to boost its market share among affluent households in the California, New York and Boston markets.
March 6
First Republic Bank (FRC) is opening a new private banking office in downtown Los Angeles and has brought in a longtime local business banker to help drive its growth in the market.
The $29.7 billion-asset, San Francisco bank said Wednesday that the new office will offer a full range of private banking, private business banking and wealth management services. The bank intends to close its existing office in downtown Los Angeles and will shift its operations to the new location.
First Republic also announced that it has hired Jim Denver as managing director and business banker responsible for serving businesses in downtown Los Angeles. A 25-year banking veteran, Denver was most recently a senior vice president at the $10.9 billion-asset California Bank & Trust, a unit of Salt Lake City-based Zions Bancorporation (ZION).
The Los Angeles expansion is consistent with First Republic's stated strategy of adding new locations to better serve businesses and affluent households. The company, which has 60 offices in California and the northeastern U.S., said earlier this year that it plans to open as many as 10 new offices in 2012.
