First Republic Bank Announces Public Offering of Common Stock

Strategic Insights -

First Republic Bank, a leading private bank and wealth management company, has agreed to sell 2,000,000 shares of its common stock in an underwritten public offering. The company has also granted the underwriters a 30-day option to purchase up to an additional 300,000 shares from First Republic. The net proceeds from the offering will be used for general corporate purposes, which may include funding loans or purchasing investment securities for its portfolio.

Key Takeaways:

  • First Republic Bank will sell 2,000,000 shares of its common stock in a public offering, with an option to purchase an additional 300,000 shares.
  • The net proceeds from the offering will be used for general corporate purposes, including funding loans and purchasing investment securities.
  • The joint bookrunning managers for the offering are BofA Securities, J.P. Morgan, Goldman Sachs & Co. LLC, and Morgan Stanley.
  • The offering is expected to close on or about August 12, 2021, subject to customary closing conditions.
  • The preliminary offering circular will be available at www.frc-offering.com and furnished on a Current Report on Form 8-K with the Federal Deposit Insurance Corporation.
  • First Republic intends to use the proceeds from the offering to enhance its lending and investment capabilities, expanding its presence in the market.

Statistics:

  • 2,000,000 shares of common stock will be sold in the underwritten public offering.
  • An additional 300,000 shares may be purchased by the underwriters within a 30-day option period.
  • The net proceeds from the offering will be used for general corporate purposes.
  • The offering is expected to close on or about August 12, 2021.
  • First Republic has a presence in multiple states, including California, Oregon, Massachusetts, Florida, Connecticut, New York, and Wyoming.

Sources:

  • Businesswire, "First Republic Bank (NYSE:FRC), First Republic Bank Announces Agreement to Sell 2,000,000 Shares of Common Stock in an Underwritten Public Offering" (August 9, 2021)
  • First Republic Bank press release, "First Republic Bank Announces Agreement to Sell 2,000,000 Shares of Common Stock in an Underwritten Public Offering" (August 9, 2021)