First Republic Bank
|Traded as||NYSE: FRC|
|Headquarters||San Francisco, CA, USA|
|James H. Herbert II
Chairman and CEO
Global Wealth Management
|Total assets||US$59.0 billion (2015) US$62.1 billion (Q1, 2016)|
|Total equity||US$5.7 billion (2015) US$5.98 billion (Q1, 2016)|
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, Palo Alto, Los Angeles, Santa Barbara, Newport Beach, San Diego, Portland, Palm Beach, Boston, Greenwich 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.
Changes in ownership
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. 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" 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. 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 J. 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. 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.
American Banker named Herbert their Banker of the Year in late 2014. The San Francisco Business Times stated the win was for "achieving dramatic growth at the San Francisco-based bank while keeping credit losses low."
In December 2015, First Republic extended Jim Herbert's contract until December 31, 2017, with Herbert continuing to serve as both chairman and CEO. After that date, it was announced that he would relinquish the CEO title while remaining executive chairman until December 31, 2021.
- Boston, Massachusetts (3)
- Greenwich, Connecticut (1)
- New York City, New York (7)
- Salem, New Hampshire (Additional lending office)
- Wellesley, Massachusetts (1)
- James H. Herbert II - Chairman and Chief Executive Officer
- Katherine August-deWilde - President and Chief Operating Officer
- Edward J. Dobranski - Executive Vice President, Secretary and General Counsel since 1992
- Michael J. Harrington - President, First Republic Trust Company
- David B. Lichtman - Executive Vice President and Chief Credit Officer
- Willis H. Newton, Jr. - Executive Vice President and Chief Financial Officer since 1988
- Joe Petitti - Executive Vice President, Deposit Sales, Product & Strategy, First Republic Bank
- Dale A. Smith - Executive Vice President and Chief Information Officer, First Republic Bank
- David Tateosian - President, First Republic Securities Company
- Bob Thornton - President, First Republic Investment Management and President, First Republic Wealth Advisors
- William D. Ward - Executive Vice President and Chief BSA/AML & Security Officer
- "Income Statements: First Republic Bank (FRC)". Reuters. Retrieved 2016-06-17.
- "Filings - First Quarter 2016 Form 10-Q PDF". firstrepublic.com. Retrieved 2016-06-17.
- "First Republic Bank Income Statement - Quarterly Data". Google Finance. Retrieved 2016-06-17.
- "Merrill Lynch to Acquire First Republic Bank for $1.8 Billion". First Republic. January 29, 2007. Archived from the original on March 9, 2012. Retrieved 2016-05-28.
- "Merrill Lynch and First Republic Bank Successfully Close Merger". First Republic. September 21, 2007. Archived from the original on March 9, 2012. Retrieved 2016-05-28.
- Appelbaum, Binyamin (September 15, 2008). "Weekend Merger Struck With Bank of America". Washington Post. Retrieved 2016-05-28.
- "Bank of America Sells First Republic Bank". New York Times. October 21, 2009. Retrieved 2016-05-28.
- "General Atlantic, Colony Capital close First Republic Bank deal". AltAssets. July 21, 2010. Archived from the original on August 12, 2011. Retrieved 2016-05-28.
- Kim, Jim (June 14, 2013). "James Herbert II capably leads First Republic Bank". FierceFinanceIT. Retrieved 2016-05-28.
- "Consolidated Balance Sheet, September 30, 2012" (PDF). First Republic Bank. Retrieved 22 November 2012.
- Kline, Alan (December 21, 2014). "Banker of the Year: First Republic's James Herbert". American Banker. Retrieved 2016-05-28.
- Calvey, Mark (January 12, 2015). "'Banker of the Year' at First Republic Bank keeps credit losses low with clawbacks". San Francisco Business Times. Retrieved 2016-05-28.
- Kline, Alan (December 3, 2015). "First Republic's Herbert to Remain CEO Through 2017". American Banker. Retrieved 2016-05-28.