Strategy
First Republic Bank Files For IPO
First Republic Bank has filed a registration statement with
the Federal Deposit Insurance Corporation for a proposed initial
public offering.
The shares will be offered by the company and certain selling
stockholders. First Republic is proposing that its shares be
available on the New York Stock Exchange under the "FRC" symbol.
Details on the volume of shares to be sold and who will conduct
it were not disclosed.
First Republic Bank, which specializes in private banking,
private business banking, investment management, brokerage, trust
services, and real estate lending, recorded $22 billion in assets
as of 30 September 2010. It has $19 billion in deposits, $3.7
billion in loans, and $17.2 billion in wealth management
assets.
BofA Merrill Lynch, Morgan Stanley and JP Morgan will act as
joint book-running managers for the sale.