San Francisco-headquartered First Republic Bank has extended the employment contract of company chairman and founding chief executive Jim Herbert, who will remain as chairman and CEO until 30 June 2016 and will continue as chairman until 31 December 2019.

Additionally, the bank’s president and chief operating officer Katherine August-deWilde has also entered into an extended agreement subsequent to her current contract on 31 December 2014, at which point she will become vice chair of the board, the firm said.

August-deWilde will also serve as a senior advisor, focusing on the bank’s largest clients until 31 December 2016.

Meanwhile, Mike Selfridge, head of regional banking at Silicon Valley Bank, has also been added to the firm’s existing senior management team, said L Martin Gibbs, lead outside director .

Selfridge will join as senior executive vice president, reporting to Herbert. The firm said he will work closely with both Herbert and August-deWilde in supporting the company's continued development.

Selfridge’s initial focus will center on the “considerable opportunities in the San Francisco and Silicon Valley areas,” and will “progressively” take on additional leadership responsibilities.

Herbert added that Selfridge - with nearly 18 years of experience at Silicon Valley Bank - joins at a time when the firm is responding to “numerous opportunities” to expand its bi-coastal franchise, while preserving its “strong service culture.”

In earlier news, in December, First Republic Bank appointed Garrett Sokoloff from UBS as a managing director for the New York office.