First Republic Appoints Rick Osterloh to Board of Directors

Rhea-AI Summary

First Republic Bank (NYSE:FRC) has announced the appointment of Rick Osterloh, Senior Vice President at Google, to its Board of Directors. Osterloh brings over 22 years of experience, having led Google's Devices & Services since 2016. His expertise spans notable companies like Motorola, Skype, and Amazon. Osterloh expressed his excitement about contributing to First Republic's client-focused business model. The bank is recognized for its exceptional service and innovative financial solutions, catering primarily to high-net-worth clients across various U.S. locations.

Positive

• Rick Osterloh's appointment may bring fresh perspectives to First Republic's Board.
• Osterloh has extensive experience in technology and business operations, potentially enhancing the company's strategic direction.

Negative

• There may be concerns regarding continuity as Osterloh transitions from a tech background to a banking board role.

SAN FRANCISCO--(BUSINESS WIRE)-- First Republic Bank (NYSE:FRC), a leading private bank and wealth management company, today announced that Rick Osterloh, Senior Vice President of Devices & Services at Google and a technology innovator, has been appointed to the First Republic Board of Directors effective immediately.

Osterloh has led Google’s global Devices & Services product area since 2016. During his 22-year career, he also worked with Motorola, Skype, Kleiner Perkins Caufield & Byers, Amazon.com, and Deloitte Consulting. Osterloh earned an MBA from Stanford Graduate School of Business and a Master of Science degree and Bachelor’s degree in Industrial Engineering from Stanford University. He has served on the Board of Trustees of Sacred Heart Schools in Atherton, California and the National Board of Directors of Positive Coaching Alliance.

Osterloh said, “First Republic is one of the most highly regarded financial services organizations in the U.S. with an unmatched record of serving clients exceptionally well and a unique corporate culture. I’m very pleased to join the Board of Directors and help advance First Republic’s differentiated, client-focused business model.”

Jim Herbert, Founder and Executive Chairman of First Republic’s Board of Directors, said, “Rick is a technology innovator with a global perspective and extensive experience managing large business operations in dynamic markets. Rick shares First Republic’s long-term vision that puts clients and communities first. He is a terrific addition to our outstanding team of board members.”

About First Republic Bank

Founded in 1985, First Republic and its subsidiaries offer private banking, private business banking and private wealth management. First Republic specializes in delivering exceptional, relationship-based service and provides a complete line of products, including residential, commercial and personal loans, deposit services, and private wealth management, including investment, brokerage, insurance, trust and foreign exchange services. Services are offered through preferred banking or wealth management offices primarily in San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach and San Diego, California; Portland, Oregon; Boston, Massachusetts; Palm Beach, Florida; Greenwich, Connecticut; New York, New York; Jackson, Wyoming; and Bellevue, Washington. First Republic is a constituent of the S&P 500 Index and KBW Nasdaq Bank Index. For more information, visit firstrepublic.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements about our expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipates,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimates,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. Accordingly, these statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed in them. All forward-looking statements are necessarily only estimates of future results, and there can be no assurance that actual results will not differ materially from expectations, and, therefore, you are cautioned not to place undue reliance on such statements. Any forward-looking statements are qualified in their entirety by reference to the factors discussed throughout our public filings under the Securities Exchange Act of 1934, as amended. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.

FRC-G

View source version on businesswire.com: https://www.businesswire.com/news/home/20220907005291/en/

Investors:

Andrew Greenebaum / Lasse Glassen

Addo Investor Relations

agreenebaum@addo.com

lglassen@addo.com

(310) 829-5400

Media:

Greg Berardi

Blue Marlin Partners

gberardi@firstrepublic.com

(415) 239-7826

Source: First Republic Bank

FAQ

Who is Rick Osterloh and what is his role at First Republic Bank?

Rick Osterloh is the Senior Vice President of Devices & Services at Google and has been appointed to the Board of Directors at First Republic Bank.

What experience does Rick Osterloh bring to First Republic Bank?

Osterloh brings over 22 years of experience from companies like Google, Motorola, and Amazon, with a strong background in technology and large business operations.

What impact might Rick Osterloh's appointment have on FRC's stock?

Osterloh’s technology expertise may lead to strategic innovations and enhancements in client services, potentially positively influencing FRC's stock.

When was Rick Osterloh appointed to the Board of Directors at FRC?

Rick Osterloh was appointed to the First Republic Board of Directors effective immediately, as announced in the recent press release.