First Republic Bank (NYSE:FRC) is a California based commercial bank and trust. The bank focuses on what it calls relationship-based Preferred Banking. As of September 2010, the bank had $22B in total assets, $19B in deposits, $2B in equity, and $17.2B in assets under management. First Republic operates 61 offices located in 8 metropolitan areas. In terms of total deposits, First Republic is the 44th largest bank in the United States.[1]

Because First Republic focuses on relationship banking, its customers tend to be high net worth individuals who want large single family mortgage loans.[2] In order to best serve these clients, FRC is located along the coastal regions which have only 20% of all US households, but 53% of all US households with at least $1M in investable assets. This group of customers also tend to have a higher credit rating, and so the company is able to generate a stronger, more stable revenue base.[3]

The company's initial public offering of stock on the NYSE occurred on December 8, 2010. The company offered approximately 11M shares each for $25.50. This was within the initial price range of $24-$27. The IPO raised a total of well above the initial range of below the initial range of $9-$11. The IPO raised a total of $280.5M. The lead underwriters of the deal were Bank of America (BAC), Morgan Stanley (MS), and J P Morgan Chase (JPM).[4]

First Republic's total assets remained relatively stable from 2009 to 2008, rising by approximately $250M to $19.9B. Interest income on the other hand rose to $1.2B in 2009, a 35% increase over the 2008 interest income figure of $899M.[5]


  1. FRC 2010 OFFERING CIRCULAR SUMMARY "Overview" pg 1
  2. FRC 2010 OFFERING CIRCULAR SUMMARY "Our Business" pg 2
  3. FRC 2010 OFFERING CIRCULAR SUMMARY "Our Competitive Strenghts" pg 2-3
  4. Renaissance Capital - IPO Home "First Republic Bank prices IPO at $25.50, midpoint of the range" 8 Dec 2010
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