Market Overview

First Republic Prices 6M Preferred Shares at $25/Share

First Republic Bank (NYSE: FRC) 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.

See full press release

Posted-In: News Guidance Management

 

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