Profile: First Republic Bank (FRC)
23 Aug 2019
First Republic Bank, incorporated on October 15, 2009, is a commercial bank and trust company. The Bank specializes in providing services, including private banking, private business banking, real estate lending and wealth management services, including trust and custody services, to clients in selected metropolitan areas in the United States. The Bank operates through two segments: Commercial Banking and Wealth Management. The Bank offers services through approximately 70 offices located primarily in the areas, such as San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach, San Diego, Portland (Oregon), Boston, Palm Beach (Florida), Greenwich and New York City. The Bank has approximately five additional offices that offer lending, wealth management or trust services. It originates real estate-secured loans and other loans for retention in its loan portfolio.
The principal business activities of the Commercial Banking segment are attracting funds from the public; originating loans, primarily real estate secured mortgage loans, and investing in investment securities. The Wealth Management segment consists of First Republic Investment Management, Inc. (FRIM); its money market mutual fund activities through third-party providers and the brokerage activities of First Republic Securities Company, LLC (FRSC); First Republic Trust Company and First Republic Trust Company of Delaware LLC (the Trust Company), and its foreign exchange activities. It offers a range of internally managed investment services.
The Bank offers a range of lending products, including residential mortgage loans and lines of credit, multifamily loans, commercial real estate loans, residential construction loans and business loans. The Bank's loan portfolio primarily consists of loans secured by single-family residences, multifamily buildings and commercial real estate properties. It also originates business loans, Eagle One loans and lines of credit, Eagle Professional loans, personal loans and Eagle Gold All-in-One loans. Its single-family loans amount to approximately $23.09 million.
The Bank performs brokerage and investment activities for clients through FRSC. The Bank provides traditional portfolio management and client portfolios through its subsidiary, FRIM. Its available-for-sale securities include the United States Treasury securities, agency residential mortgage-backed securities (MBS), other residential MBS, agency commercial MBS, and securities of states and political subdivisions of the United States. Its held-to-maturity securities include the United States Government-sponsored agency securities, agency residential MBS, other residential MBS, agency commercial MBS, and securities of states and political subdivisions of the United States. Its available-for-sale securities amount to approximately $2,910.8 million. Its held-to-maturity securities amount to approximately $7,540.68 million.
Sources of Funds
The Bank obtains funds from depositors by offering consumer and business checking, money market and passbook accounts, and term certificates of deposits. The Bank's accounts are federally insured by the Federal Deposit Insurance Corporation (FDIC). The Bank's total deposits amount to approximately $47.9 billion. The Bank's non-interest-bearing deposits amount to approximately $18.3 billion and interest-bearing deposits amount to approximately $29.6 billion. The Bank's other sources of funding include federal funds purchased, securities sold under agreements to repurchase and senior notes. Its short-term borrowings include Federal funds purchased, FHLB advances and securities sold under agreements to repurchase. Its long-term debt includes Federal Home Loan Bank (FHLB) advances and senior notes.
First Republic Bank
111 Pine St
SAN FRANCISCO CA 94111-5602