First Republic Bank (“First Republic”) (NYSE:FRC), a leading
private bank and wealth management company, today announced a
public offering of depositary shares, each representing a 1/40th
interest in a share of its Noncumulative Perpetual Series J
Preferred Stock, at a public offering price of $25.00 per
depositary share. In addition, First Republic will grant the
underwriters an option for up to 30 days to purchase additional
depositary shares at the public offering price less the
underwriting discount.
First Republic intends to use the net proceeds from the offering
for general corporate purposes, which may include, among other
things, funding loans or purchasing investment securities for its
portfolio.
BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan
Stanley & Co. LLC, UBS Securities LLC and Wells Fargo
Securities, LLC are serving as joint book-running managers. Goldman
Sachs & Co. LLC and Keefe, Bruyette & Woods, Inc., A Stifel
Company, are serving as co-managers.
The offering will be made only by means of an offering circular.
The preliminary offering circular relating to the offering is
available at www.frc-offering.com. Copies of the preliminary
offering circular may also be obtained from: BofA Securities, Inc.,
NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC
28255-0001, Attention: Prospectus Department, or email:
dg.prospectus_requests@baml.com; J.P. Morgan Securities LLC, 383
Madison Avenue, New York, NY 10179, by telephone at (212) 834 4533;
Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180
Varick Street, New York, New York 10014, by telephone at (866)
718-1649 or by email at prospectus@morganstanley.com; UBS
Securities LLC, Attn: Prospectus Department, 1285 Avenue of the
Americas, New York, NY 10019, by telephone at (888) 827-7275; and
Wells Fargo Securities, LLC, 608 2nd Avenue South, Minneapolis, MN
55402, Attention: WFS Customer Service, email:
wfscustomerservice@wellsfargo.com or by calling toll-free at
1-800-645-3751.
This press release is for informational purposes only and shall
not constitute an offer to sell or a solicitation of an offer to
buy the securities, nor shall there be any sale of the securities
in any state or jurisdiction in which such an offer, solicitation
or sale would be unlawful prior to registration or qualification
under the securities laws of any such state or jurisdiction. The
securities are neither insured nor approved by the Federal Deposit
Insurance Corporation.
About First Republic
Bank
Founded in 1985, First Republic and its subsidiaries offer
private banking, private business banking and private wealth
management, including investment, trust and brokerage services.
First Republic specializes in delivering exceptional,
relationship-based service, and offers a complete line of products,
including residential, commercial and personal loans, deposit
services, and wealth management. Services are offered through
preferred banking or wealth management offices primarily in San
Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach and
San Diego, California; Portland, Oregon; Boston, Massachusetts;
Palm Beach, Florida; Greenwich, Connecticut; New York, New York;
and Jackson, Wyoming. First Republic is a constituent of the
S&P 500 Index and KBW Nasdaq Bank Index. For more information,
visit firstrepublic.com.
Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Statements about First Republic’s expectations, beliefs,
plans, predictions, forecasts, objectives, assumptions or future
events or performance are not historical facts and may be
forward-looking. These statements are often, but not always, made
through the use of words or phrases such as “anticipates,”
“believes,” “can,” “could,” “may,” “predicts,” “potential,”
“should,” “will,” “estimates,” “plans,” “projects,” “continuing,”
“ongoing,” “expects,” “intends” and similar words or phrases.
Accordingly, these statements are only predictions and involve
estimates, known and unknown risks, assumptions and uncertainties
that could cause actual results to differ materially from those
expressed in them. All forward-looking statements are necessarily
only estimates of future results, and there can be no assurance
that actual results will not differ materially from expectations,
and, therefore, you are cautioned not to place undue reliance on
such statements. Any forward-looking statements are qualified in
their entirety by reference to the factors discussed in the section
titled “Risk Factors” in First Republic’s preliminary offering
circular relating to this offering, including the documents
incorporated by reference therein, and other risks described in
documents subsequently filed by First Republic from time to time
under the Securities Exchange Act of 1934, as amended. Further, any
forward-looking statement speaks only as of the date on which it is
made, and First Republic undertakes no obligation to update any
forward-looking statement to reflect events or circumstances after
the date on which the statement is made or to reflect the
occurrence of unanticipated events.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191125005501/en/
Investors: Andrew Greenebaum / Lasse Glassen Addo
Communications agreenebaum@addoir.com lglassen@addoir.com (310)
829-5400
Media: Greg Berardi Blue Marlin Partners
greg@bluemarlinpartners.com (415) 239-7826
First Republic Bank (NYSE:FRC)
Historical Stock Chart
From Apr 2024 to May 2024
First Republic Bank (NYSE:FRC)
Historical Stock Chart
From May 2023 to May 2024