| Type | Public |
|---|---|
| Traded as | NYSE: FRC |
| Industry | Banking Financial services Investment services |
| Founded | 1985 |
| Headquarters | San Francisco, CA, USA |
| Area served | California United States |
| Key people | James H. Herbert II Chairman and CEO Katherine August-deWilde President and COO |
| Products | Consumer Banking Corporate Banking Global Wealth Management Mortgages Credit Cards |
| Website | firstrepublic.com |
First Republic Bank is a bank and wealth management company offering personal banking, business banking, trust and wealth management services. The bank specializes in delivering personalized relationship-based service through preferred banking or trust offices on the US East and West Coasts, including San Francisco, Los Angeles, Santa Barbara, Newport Beach, San Diego, Portland, Seattle, Boston and New York City. First Republic offers wealth management services through First Republic Wealth Advisors and First Republic Investment Management. Brokerage services are provided through First Republic Securities Company LLC and Trust services are provided through First Republic Trust Company.
Contents |
The company was founded in 1985 and has undergone a series of ownership changes since 2007, beginning with its announced purchase by Merrill Lynch on January 29, 2007 for $1.8 billion to augment their private client business. The company was to be operated as a separate business of Merrill Lynch.[1] The Merrill transaction was finalized on September 21, of 2007. Robert J. McCann, president of Merrill's Global Wealth Management group stated their purpose was to accelerate their strategy of "growing our high net worth, private banking business"[2] On September 15, 2008 the ownership changed hands again when Merrill Lynch who still had ownership of First Republic was acquired by Bank of America over the same weekend that Lehman Brothers Holdings filed for Chapter 11 bankruptcy protection.[3] In October 2009, the company once more changed ownership, with the announced purchase by two private equity firms, Colony Capital and General Atlantic of just under 50%, and a group of other investors that includes the chairman, James Herbert and the COO Katherine August-deWilde. The price was valued at about $1 billion. Both equity firms have had prior relationships with First Republic Bank as Thomas Barrack, Jr., the head of Colony, had been a board member prior to the Merrill Lynch deal and General Atlantic had been an early investor in the firm putting up about $5 million in 1987.[4] The deal was consummated on July 1, 2010. The London-based AltAssets news service reported that an additional $800 million was provided by the new investment consortium to meet new capital requirements established by U.S. regulators.[5]
West
East