FRC - FRC STOCK NEWS

First Republic Bank (NYSE:FRC) has announced the hiring of Radhika Mehta and Nick Fanneron to its Investment Management team in New York. Mehta joins as Managing Director and Wealth Manager, bringing over 22 years of experience from Merrill Lynch. Fanneron serves as Vice President and Wealth Manager, with over five years in the field. Both aim to enhance portfolio management and wealth services for clients, reinforcing First Republic's commitment to exceptional customer service.

First Republic Bank (NYSE:FRC) has appointed David Loeb as Managing Director and Wealth Manager at First Republic Investment Management. Loeb, who has over 28 years of wealth management experience, will enhance the bank's services in Florida.

His previous roles include wealth advisor at J.P. Morgan and vice president at Morgan Stanley. This strategic hire aims to bolster client service and expand the bank's wealth management capabilities, focusing on high-net-worth clients.

First Republic Bank (NYSE:FRC) announced the appointment of Susie Cranston as the new Chief Operating Officer effective September 1, 2022. Cranston joined First Republic in 2013, contributing to a significant growth in assets under management from over $40 billion to nearly $250 billion. She previously worked at McKinsey & Company, focusing on strategy and risk management. CEO Mike Roffler expressed confidence in Cranston’s leadership capabilities to continue enhancing client service and operational excellence.

First Republic Bank (NYSE:FRC) has appointed Theresa Rutledge and Anthony Custodio as Managing Directors and Wealth Managers in Palo Alto. Both have extensive experience in wealth management, with Rutledge bringing over 22 years and Custodio over 28 years of expertise. Their appointments aim to enhance the bank's services in portfolio management, retirement planning, and investment consulting for ultra-high-net-worth clients. Bob Thornton, President of First Republic Private Wealth Management, emphasized their commitment to exceptional client service and community involvement.

First Republic Bank (NYSE:FRC) has announced a public offering of 2,250,000 shares of common stock, aiming for gross proceeds of approximately $353.3 million. The offering includes a 30-day option for underwriters to purchase an additional 337,500 shares. The last reported price was $162.38 per share. The bank plans to use the proceeds for general corporate purposes, including funding loans and purchasing investment securities. The offering is expected to close around August 4, 2022.

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. Proceeds will support general corporate purposes, including funding loans and purchasing investment securities. Closing is expected on August 4, 2022, pending customary conditions. Notably, the offering will only be conducted via an offering circular, and the securities are not federally insured.

First Republic Bank (NYSE:FRC) will present at the UBS Financial Services Conference on August 9, 2022, at 8:40 a.m. CT in Kohler, Wisconsin. CEO Mike Roffler and Chief Banking Officer Mike Selfridge will lead the presentation, which will be webcast live via the Investor Relations section of the bank's website. A replay of the event will be available for 30 days after. Founded in 1985, First Republic specializes in private banking and wealth management, offering services like loans and investment management across various prominent U.S. locations.

First Republic Bank (NYSE: FRC) reported strong financial results for Q2 2022, with revenues of $1.5 billion, marking a 22.6% year-over-year increase. Net interest income rose 24.1% to $1.2 billion, and net income increased 16% to $433 million. The bank achieved record loan originations of $22 billion, a 31.1% rise year-over-year. Tangible book value per share climbed 13.1% to $69.81. A quarterly cash dividend of $0.27 was declared, payable on August 11, 2022. Credit quality remains robust, with nonperforming assets at a low 7 basis points.

First Republic Bank (NYSE:FRC) has declared cash dividends for its preferred stock series. A quarterly cash dividend of $11.75 per share on Series J, payable on July 29, 2022, to shareholders of record as of July 15, 2022. Series K will have a $10.3125 dividend, also payable on July 29, 2022. Series L’s dividend is $10.625, Series M is $10.00, and Series N is $11.25, all with the same payment details. These dividends showcase the company's commitment to providing returns to shareholders.