FRC - FRC STOCK NEWS

First Republic Bank (NYSE:FRC) will announce its first quarter 2023 financial results on April 24, 2023, following market closure. A conference call is scheduled for 1:30 p.m. PT / 4:30 p.m. ET on the same day to discuss these results. Interested parties can join the call by dialing (877) 400-0505 and entering the confirmation code 3782547, or join online via the Investor Relations section of First Republic's website. A replay of the call will be available post-event. First Republic Bank, founded in 1985, specializes in private banking and wealth management, with a focus on relationship-based service and a comprehensive suite of financial products. The bank operates primarily in California and other select states.

First Republic Bank (NYSE:FRC) announced it will receive $30 billion in uninsured deposits from major banks, including Bank of America and JPMorgan Chase, on March 16, 2023. This support, reflecting confidence in the bank, is aimed at strengthening liquidity amid recent industry challenges. As of March 15, 2023, First Republic's cash position was approximately $34 billion>, exclusive of the new deposits. The bank has drawn on additional borrowing capacity from the Federal Reserve and the Federal Home Loan Bank, with short-term borrowings increasing significantly. The Board has suspended the common stock dividend as part of a strategy to focus on liquidity and balance sheet assessment.

First Republic Bank (NYSE:FRC) announced improvements in its financial stability through enhanced access to liquidity from the Federal Reserve and JPMorgan Chase. The bank's total unused liquidity exceeds $70 billion, demonstrating a strong liquidity profile. Management emphasized that the bank's capital levels remain well above regulatory requirements, ensuring ongoing support for operations, loans, and transactions.

The announcement reinforces First Republic's commitment to safety and stability, which has been fundamental since its inception in 1985.

First Republic Bank (NYSE:FRC) has expanded its wealth management team with the addition of a six-person group led by Alexander Kadish, Nicholas Davey, and J.P. Garofalo. Both Kadish and Davey were appointed Managing Directors, while Garofalo took on the role of Vice President. This team, based in Century City, California, will focus on portfolio management and investment consulting services for high net worth individuals, families, and organizations. With their extensive backgrounds in wealth management, including previous roles at Morgan Stanley and J.P. Morgan, these professionals are set to enhance First Republic’s wealth management capabilities.

First Republic Bank (NYSE:FRC) has declared cash dividends for its perpetual preferred stock. A quarterly dividend of $12.8125 per share on Series H Preferred Stock will be payable on March 30, 2023, to shareholders of record as of March 15, 2023. Additionally, a dividend of $13.75 per share on Series I Preferred Stock is also payable on the same date, with the same record date. These dividends reflect the bank's commitment to return value to its shareholders.

First Republic Bank (NYSE:FRC) announced the pricing of a public offering of 2,500,000 shares of its common stock, aiming for gross proceeds of approximately $350 million before costs. The underwriters have an option to purchase an additional 375,000 shares. The last reported sale price on February 7, 2023 was $143.69 per share. Proceeds will be used for general corporate purposes, including funding loans and purchasing investment securities. The offering is expected to close on or about February 10, 2023, subject to customary conditions.

First Republic Bank (NYSE:FRC) announced a public offering of 2,000,000 shares of its common stock, with an option for underwriters to purchase an additional 300,000 shares. The offering, expected to close around February 10, 2023, aims to fund general corporate purposes, including loans and investment securities. BofA Securities, J.P. Morgan, Goldman Sachs, and Morgan Stanley are the joint bookrunning managers for this offering. The preliminary offering circular will be accessible online and through email requests. This offering is not an offer to sell or a solicitation to buy securities and is subject to regulatory compliance.

First Republic Bank (NYSE:FRC) has announced its decision to redeem $500 million of its 1.912% Senior Fixed-to-Floating Rate Notes set to mature in 2024. This redemption will take place on February 12, 2023, with holders receiving 100% of the principal plus any unpaid interest. The fiscal agent for this transaction is The Bank of New York Mellon Trust Company. This strategic move highlights the bank's financial management approach, although it does not indicate any immediate changes in its operational strategy.

First Republic Bank (NYSE:FRC) has expanded its wealth management team with the addition of a 12-person group led by Derek Mohamed and Justin Merola. Both have been appointed as Managing Directors and Wealth Managers. The Boston-based team will offer services including portfolio management and retirement planning. Mohamed brings over 20 years of experience, while Merola has nearly 20 years in the field. This move enhances First Republic's wealth management capabilities and aligns with its commitment to exceptional client service. The bank continues to grow its presence in key markets, underscoring its focus on relationship-based banking.