First Republic Bank is an American full-service

bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

and wealth management company offering

personal banking Retail banking, also known as consumer banking or personal banking, is the provision of services by a bank to the general public, rather than to companies, corporations or other banks, which are often described as wholesale banking. Banking servi ...

, business banking, trust, and wealth management services, catering to low-risk, high net-worth clientele, and focusing on providing personalized customer experience. The bank specializes in delivering personalized relationship-based service through preferred banking or trust offices in the United States, including

San Francisco San Francisco (; Spanish language, Spanish for "Francis of Assisi, Saint Francis"), officially the City and County of San Francisco, is the commercial, financial, and cultural center of Northern California. The city proper is the List of Ca ...

Palo Alto Palo Alto (; Spanish for "tall stick") is a charter city in the northwestern corner of Santa Clara County, California, United States, in the San Francisco Bay Area, named after a coastal redwood tree known as El Palo Alto. The city was estab ...

Los Angeles Los Angeles ( ; es, Los Ángeles, link=no , ), often referred to by its initials L.A., is the largest city in the state of California and the second most populous city in the United States after New York City, as well as one of the world' ...

, Santa Barbara,

Newport Beach Newport Beach is a coastal city in South Orange County, California. Newport Beach is known for swimming and sandy beaches. Newport Harbor once supported maritime industries however today, it is used mostly for recreation. Balboa Island, Newport ...

San Diego San Diego ( , ; ) is a city on the Pacific Ocean coast of Southern California located immediately adjacent to the Mexico–United States border. With a 2020 population of 1,386,932, it is the List of United States cities by population, eigh ...

Portland Portland most commonly refers to: * Portland, Oregon, the largest city in the state of Oregon, in the Pacific Northwest region of the United States * Portland, Maine, the largest city in the state of Maine, in the New England region of the northeas ...

, Palm Beach,

Boston Boston (), officially the City of Boston, is the state capital and most populous city of the Commonwealth of Massachusetts, as well as the cultural and financial center of the New England region of the United States. It is the 24th- mo ...

Greenwich Greenwich ( , ,) is a town in south-east London, England, within the ceremonial county of Greater London. It is situated east-southeast of Charing Cross. Greenwich is notable for its maritime history and for giving its name to the Greenwich ...

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Jackson, Wyoming Jackson is a town in Teton County, Wyoming, United States. The population was 10,760 at the 2020 United States census, 2020 census, up from 9,577 in 2010. It is the largest town in Teton County and its county seat. Jackson is the principal town of ...

, Manhattan Beach, and

Bellevue Bellevue means "beautiful view" in French. It may refer to: Placenames Australia * Bellevue, Western Australia * Bellevue Hill, New South Wales * Bellevue, Queensland * Bellevue, Glebe, an historic house in Sydney, New South Wales Canada ...

. First Republic offers wealth management services through First Republic Wealth Advisors and First Republic Investment Management. Brokerage services are provided through First Republic Securities Company LLC and Trust services are provided through First Republic Trust Company.

Corporate history

Changes in ownership

First Republic began operations on July 1, 1985, as a California-chartered industrial thrift. First Republic went public on the NASDAQ in August 1986 at $10 a share, just over a year after it began operations. In 1993, First Republic purchased Silver State Thrift, a thrift in

Nevada Nevada ( ; ) is a U.S. state, state in the Western United States, Western region of the United States. It is bordered by Oregon to the northwest, Idaho to the northeast, California to the west, Arizona to the southeast, and Utah to the east. N ...

. In 1996, First Republic sought out options to expand product offerings by shifting to a banking charter. The thrift enlisted a law firm, Lionel, Sawyer and Collins, to lobby the

Nevada Legislature The Nevada Legislature is a bicameral body, consisting of the lower house, the Assembly, with 42 members, and the upper house, the Senate, with 21. With a total of 63 seats, the Legislature is the third-smallest bicameral state legislatur ...

to pass a law allowing conversion of a Nevada thrift into a Nevada state-chartered bank. The law passed in July 1997, shortly after First Republic completed a reverse merger of the larger California-chartered thrift into the Nevada-chartered Silver State Thrift subsidiary. After the passage of the law, the Nevada thrift became a state-chartered bank, First Republic Savings Bank. On January 29, 2007, First Republic announced they would be purchased by

Merrill Lynch Merrill (officially Merrill Lynch, Pierce, Fenner & Smith Incorporated), previously branded Merrill Lynch, is an American investment management and wealth management division of Bank of America. Along with BofA Securities, the investment bank ...

for $1.8 billion. The company was to be operated as a separate business of Merrill Lynch.Merrill Lynch to Acquire First Republic Bank for $1.8 Billion, Press Release, January 29, 2007
The Merrill transaction was finalized on September 21, of 2007. Robert J. McCann, president of Merrill's Global Wealth Management group stated their purpose was to accelerate their strategy of "growing our high net worth, private banking business." Over the same weekend that

Lehman Brothers Lehman Brothers Holdings Inc. ( ) was an American global financial services firm founded in 1847. Before Bankruptcy of Lehman Brothers, filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Gol ...

Holdings filed for Chapter 11

bankruptcy protection Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor ...

, on September 15, 2008, Merrill Lynch and its subsidiaries were acquired by

Bank of America The Bank of America Corporation (often abbreviated BofA or BoA) is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina. The bank w ...

.Weekend Merger Struck With Bank of America, , September 15, 2008
/ref> In October 2009, just under 50% of First Republic was purchased by two private equity firms,

Colony Capital DigitalBridge Group, Inc. is a global digital infrastructure investment firm. The company owns, invests in and operates businesses such as cell towers, data centers, fiber, small cells, and edge infrastructure. Headquartered in Boca Raton, Digita ...

and

General Atlantic General Atlantic (also known as "GA") is an American growth equity firm providing capital and strategic support for global growth companies, headquartered in New York, United States. The firm was founded in 1980 as the captive investment team for ...

, and a group of other investors that included chairman James Herbert and former COO Katherine August DeWilde. The price was valued at about $1 billion. Both equity firms had prior relationships with First Republic Bank.

Thomas J. Barrack, Jr. Thomas Joseph Barrack Jr. (born April 28, 1947) is an American private equity real estate investor and the founder and executive chairman of Colony Capital, a publicly traded real estate investment trust (REIT). Barrack has for decades been a cl ...

, the head of Colony, had been a board member prior to the Merrill Lynch deal and General Atlantic had been an early investor in the firm putting up about $5 million in 1987.Bank of America Sells First Republic Bank, ''New York Times'' by Zachery , October 21, 2009
/ref> The deal was consummated on July 1, 2010. The

London London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a majo ...

-based news service reported that an additional $800 million was provided by the new investment consortium to meet new capital requirements established by U.S. regulators.

Acquisitions and recent events

In 1998, it acquired Trainer Worthman & Co., and in December 2001, it acquired Starbuck, Tisdale & Associates for $13 million in cash and stocks. In January 2000, First Republic acquired an 18 percent interest in Froley, Levy Investment Company Inc., and in 2002, it purchased the investment firm for $17 million in cash and stock. In December 2010, the bank completed its second IPO for $280.5 million, with shares opening at $27.25. In 2015, First Republic purchased Constellation Wealth Partners for $115 million.America's Top 40 Wealth Management Firms
in ''Barron's'' by Matt Barthel, September 17, 2016 By April 2016,Wealth Management Lifts First Republic Profit
in ''American Banker'' by Jacob Passy, April 14, 2016 First Republic had opened branches at the

Facebook Facebook is an online social media and social networking service owned by American company Meta Platforms. Founded in 2004 by Mark Zuckerberg with fellow Harvard College students and roommates Eduardo Saverin, Andrew McCollum, Dustin M ...

and Twitter Inc. headquarters in

Silicon Valley Silicon Valley is a region in Northern California that serves as a global center for high technology and innovation. Located in the southern part of the San Francisco Bay Area, it corresponds roughly to the geographical areas San Mateo County ...

.Silicon Valley Elites Get Home Loans With No Money Down
in ''Bloomberg News'' by Heather Perlberg and Prashant Gopal, July 27, 2016 It also had various high-profile customers.First Republic: Is It Wrong to Build a Bank for Wealthy Clients Only?
in ''The Wall Street Journal'' by Rachel Louise Ensign, Anna Maria Andriotis and Paul Overberg, on August 16, 2016 ''Barron's'' in September 2016 listed First Republic Bank at 21 on its list of America's Top 40 Wealth Management Firms. By December 2016, First Republic Bank had $68 billion in assets. In December 2016, the bank acquired Gradifi, a startup in Boston, for an unknown cash amount.
by Kelly J. Obrien, December 12, 2016First Republic Buys Student-Debt Startup Gradifi in American Banker
by Joseph Kellard on December 12, 2016 Then two years old, Gradifi works with companies to help their employees pay off student debt, and First Republic had become a client in August 2016. Becoming a wholly owned subsidiary of First Republic, Gradifi continues to operate in

under its own name. Gradifi retained its customer base including

PricewaterhouseCoopers PricewaterhouseCoopers is an international professional services brand of firms, operating as partnerships under the PwC brand. It is the second-largest professional services network in the world and is considered one of the Big Four accounting ...

Natixis Global Asset Management Natixis Investment Managers is an American French-based global asset management company that claims USD $1389.7 billion in assets under management as of December 31, 2020. The company has headquarters in Paris and Boston and it is the second bigg ...

and

Penguin Random House Penguin Random House LLC is an Anglo-American multinational corporation, multinational conglomerate (company), conglomerate publishing company formed on July 1, 2013, from the merger of Penguin Group and Random House. On April 2, 2020, Bertels ...

. Remaining a large American bank, in March 2018, the bank invested in CommonBond, a student loan financier. First Republic announced it would expand into

, in May 2018 with a new branch. Also that month, First Republic signed a deal to double its space at

Rockefeller Center Rockefeller Center is a large complex consisting of 19 commerce, commercial buildings covering between 48th Street (Manhattan), 48th Street and 51st Street (Manhattan), 51st Street in Midtown Manhattan, New York City. The 14 original Art Deco ...

Business growth and size

First Republic opened a trust company in Delaware in 2012 and an investment office in Palm Beach, Florida, in 2013. In June 2018, ''

Forbes ''Forbes'' () is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. ''Forbes'' also re ...

'' ranked First Republic #220 on its Global 2000 list of "growth champions." ''Forbes'' also ranked it #268 on America's largest public companies. With 5,350 employees at the time, First Republic had a market cap of $14.32 billion and wealth management assets totaling $126.2 billion. In 2019, First Republic opened an investment office in Washington D.C. In January 2020, First Republic announced the opening of a Wyoming-based trust company. At the end of 2021, First Republic had $279.4 billion in wealth management assets. Currently, First Republic Bank has over 80 bank locations in 11 states across the U.S. These locations are primarily in

New York New York most commonly refers to: * New York City, the most populous city in the United States, located in the state of New York * New York (state), a state in the northeastern United States New York may also refer to: Film and television * '' ...

California California is a U.S. state, state in the Western United States, located along the West Coast of the United States, Pacific Coast. With nearly 39.2million residents across a total area of approximately , it is the List of states and territori ...

Massachusetts Massachusetts (Massachusett language, Massachusett: ''Muhsachuweesut assachusett writing systems, məhswatʃəwiːsət'' English: , ), officially the Commonwealth of Massachusetts, is the most populous U.S. state, state in the New England ...

, and

Florida Florida is a state located in the Southeastern region of the United States. Florida is bordered to the west by the Gulf of Mexico, to the northwest by Alabama, to the north by Georgia, to the east by the Bahamas and Atlantic Ocean, and to ...

. Note: The financial data for the total revenue, net income, assets, and dividends per common share is sourced from the company's annual reports, earnings releases, and SEC Form 10-Ks from 2009 to 2021. Total revenue: Net Income: Assets: Market cap: Average Stock Price: Dividends per common share:

Subsidiaries

*First Republic Investment Management, Inc. *First Republic Securities Company, LLC *First Republic Trust Company *First Republic Trust Company of Delaware LLC *First Republic Trust Company of Wyoming LLC

References

External links

* {{Authority control Companies listed on the New York Stock Exchange Companies based in San Francisco Banks based in California Banks established in 1985 Financial services companies established in 1985 1985 establishments in California American companies established in 1985 1980s initial public offerings 2010 initial public offerings 2007 mergers and acquisitions