First Republic Bank (FRC) Announces Proposed 2.5M Share Common Offering

First Republic Bank (NYSE: FRC) today announced that it has agreed to sell 2,500,000 shares of its common stock in an underwritten public offering. First Republic has also granted the underwriters a 30-day option to purchase up to an additional 375,000 shares from First Republic. BofA Securities, J.P. Morgan, Goldman Sachs & Co. LLC, Morgan Stanley and Keefe, Bruyette & Woods, a Stifel Company, are serving as joint bookrunning managers.

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.

Closing of the offering is expected to occur on or about January 17, 2020, subject to customary closing conditions.

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