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Profits at First Republic Bank (FRC) fell slightly in the second quarter as the San Francisco company took a one-time charge related to a stock repurchase and added more staff and locations to support its growth.
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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.
June 6
The rapidly expanding First Republic Bank (FRC) will open a branch in the wealthy south Florida enclave of Palm Beach, its first office in the Sunshine State.
The $31 billion-asset bank, whose clientele includes Facebook founder Mark Zuckerberg, will open the Palm Beach branch in October, the South Florida Business Journal reported Friday. First Republic has said it plans to open up to 10 new offices this year. The majority of its offices are in California and it also has branches in the Northeast, Las Vegas and Portland, Ore.
First Republic targets businesses and wealthy individuals and as part of that strategy, it opened a
Employee compensation has risen with the branch expansion. The San Francisco-based company said overhead, including salaries,
