First Republic Bank (“First Republic”) (NYSE: FRC), a leading
private bank and wealth management company, today announced the
pricing of a public offering of 14,000,000 depositary shares, each
representing a 1/40th interest in a share of its 4.700%
Noncumulative Perpetual Series J Preferred Stock, at a public
offering price of $25.00 per depositary share. First Republic has
also granted the underwriters a 30-day option to purchase up to an
additional 2,000,000 depositary shares from First Republic. The
offering is expected to close on or about December 3, 2019, 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.
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 offering circular relating to the offering is available at
www.frc-offering.com. Copies of the 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 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/20191125005874/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
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