PreferredStockChannel
Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Thu, December 2, 11:20 AM
| This Slide: #530 of 573 |
Slide #530. First Republic Bank — Preferred Stock Offering
Company:
First Republic Bank (NYSE:FRC)
Date announced:
11/15/2012
Date of Pricing:
11/15/2012
Price Per Share:
$25
Preferred Stock Offering Details:
First Republic Bank, a private bank and wealth management company, today announced a public offering of depositary shares, each representing a 1/40th interest in a share of First Republic's Noncumulative Perpetual Series C Preferred Stock, at a public offering price of $25.00 per depositary share. In addition, First Republic will grant the underwriters an option for up to 30 days to purchase additional 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. --updated 11/15/12 -- First Republic Bank, a private bank and wealth management company, today 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.
First Republic Bank is a commercial bank and trust company. Co. conducts its business through two reportable business segments: Commercial Banking and Wealth Management. The principal business activities of the Commercial Banking segment are gathering deposits (retail deposit gathering and private banking activities), originating and servicing loans and investing in investment securities. The principal business activities of the Wealth Management segment include the investment management activities of Co.'s subsidiary, First Republic Investment Management, Inc., Co.'s money market mutual fund activities, trust and custody services and Co.'s foreign exchange activities.
Preferreds: FRC.PRC, FRC.PRD, FRC.PRE, FRC.PRF
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Avg. Broker Rec.
  
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Buy (2.87 out of 4) 17th percentile
(ranked lower than approx. 83% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com |
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