First Republic Bank Unveils 2 Mln Share Offering

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First Republic Bank ( FRC ), a private bank and wealth management company, said late Tuesday that it has agreed to sell 2,000,000 shares of its common stock in an underwritten public offering.

First Republic has also granted the underwriters a 30-day option to purchase up to an additional 300,000 shares from First Republic. BofA Merrill Lynch, J.P. Morgan, Morgan Stanley and Credit Suisse are serving as joint bookrunning managers.

The company said that it intends 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.

Closing of the offering is expected to occur on or about Sept. 14, subject to customary closing conditions.

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This article appears in: Investing , ETFs
Referenced Symbols: FRC

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