First Republic Bank (“First Republic”) (NYSE: FRC), a leading
private bank and wealth management company, today announced the
pricing of an underwritten public offering of 2,000,000 shares of
its common stock for expected gross proceeds of approximately
$390.3 million before underwriting discounts and commissions and
estimated offering expenses. First Republic has also granted the
underwriters a 30-day option to purchase up to an additional
300,000 shares from First Republic. BofA Securities, J.P. Morgan,
Goldman Sachs & Co. LLC and Morgan Stanley are serving as joint
bookrunning managers.
The last reported sale price of its common stock on August 9,
2021 was $202.76 per share. The underwriters propose to offer the
shares of common stock for sale from time to time in one or more
transactions on the New York Stock Exchange, in the
over-the-counter market, through negotiated transactions or
otherwise at market prices prevailing at the time of sale, at
prices related to prevailing market prices or at negotiated prices,
subject to receipt and acceptance by them and subject to their
right to reject any order in whole or in part.
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.
Closing of the offering is expected to occur on or about August
12, 2021, subject to customary closing conditions.
The offering will be made only by means of an offering circular.
The offering circular relating to the offering will be available at
www.frc-offering.com and furnished on a Current Report on Form 8-K
that will be filed with the Federal Deposit Insurance Corporation.
Copies of the offering circular may also be obtained when available
from BofA Securities, NC1-004-03-43, 200 North College Street, 3rd
Floor, Charlotte, North Carolina 28255-0001, Attention: Prospectus
Department, or email: dg.prospectus_requests@bofa.com; from J.P.
Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, NY 11717, or by telephone at
1-866-803-9204, or by email at prospectus-eq_fi@jpmchase.com; from
Goldman Sachs & Co. LLC, 200 West Street, New York, NY 10282
Attention: Prospectus Department, telephone: (866) 471-2526 or
email: prospectus-ny@ny.email.gs.com; or from Morgan Stanley &
Co. LLC - Attn: Prospectus Department - 180 Varick Street, 2nd
Floor - New York, New York 10014.
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 or any other governmental agency.
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.
FRC-F
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 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/20210810005391/en/
Investors: Andrew Greenebaum / Lasse Glassen Addo
Investor Relations agreenebaum@addo.com, lglassen@addo.com (310)
829-5400
Media: Greg Berardi Blue Marlin Partners
gberardi@firstrepublic.com (415) 239-7826
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