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First Republic Bank Announces Pricing of Preferred Stock Offering


Thursday, 15 Nov 2012 06:55pm EST 

First Republic Bank announced the pricing of a public offering of 6,000,000 depositary shares, each representing a 1/40th interest in a share of its 5.625% Noncumulative Perpetual Series C Preferred Stock, at a public offering price of $25.00 per depositary share. In addition, First Republic has granted the underwriters an option for up to 30 days to purchase up to an additional 900,000 depositary shares at the public offering price less the underwriting discount. First Republic expects 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. BofA Merrill Lynch, Morgan Stanley, Goldman, Sachs & Co. and J.P. Morgan are serving as joint book-running managers.