First Republic Bank (“First Republic”) (NYSE: FRC), a leading
private bank and wealth management company, today announced the
pricing of a public offering of 12,000,000 depositary shares, each
representing a 1/40th interest in a share of its 5.50%
Noncumulative Perpetual Series I Preferred Stock, at a public
offering price of $25.00 per depositary share. The offering is
expected to close on or about June 12, 2018, subject to the
satisfaction of customary closing conditions.
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. In addition, First Republic may also use the net
proceeds, together with cash on hand, to redeem, in whole or in
part, its 7.00% Noncumulative Perpetual Series E Preferred Stock,
once such securities become redeemable by their terms in December
2018, subject to all applicable regulatory approvals.
Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan
Stanley & Co. LLC and Wells Fargo Securities, LLC are serving
as joint book-running managers. J.P. Morgan Securities 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 offering circular relating to the offering is available at
www.frc-offering.com. Copies of the offering circular may also be
obtained from: Merrill Lynch, Pierce, Fenner & Smith
Incorporated, NC1-004-03-43, 200 North College Street, 3rd floor,
Charlotte, NC 28255-0001, Attention: Prospectus Department, or
email: dg.prospectus_requests@baml.com; Morgan Stanley & Co.
LLC, Attention: Prospectus Department, 180 Varick Street, New York,
New York 10014, or by email at prospectus@morganstanley.com; 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, with a solid commitment to
responsiveness and action. 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 later in
2018, Jackson, Wyoming. First Republic offers a complete line of
banking products for individuals and businesses, including deposit
services, as well as residential, commercial and personal
loans.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20180605006607/en/
Investors:Addo CommunicationsAndrew Greenebaum / Lasse
Glassen,
310-829-5400agreenebaum@addoir.comlglassen@addoir.comorMedia:Blue
Marlin PartnersGreg Berardi,
415-239-7826greg@bluemarlinpartners.com
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