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First Republic Bank Files For IPO

Vanessa Doctor

29 November 2010

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.