FRC - FRC STOCK NEWS

First Republic Bank (NYSE: FRC) announced an underwritten public offering of 2,000,000 shares of common stock, with an additional 300,000 shares available for underwriters. The proceeds from this offering will be used for general corporate purposes, including funding loans and purchasing securities. The expected closing date is around August 12, 2021, subject to customary conditions. The offering circular will be available for potential investors, highlighting the bank's focus on relationship-based services in private banking and wealth management.

First Republic Bank (NYSE: FRC) has announced a public offering of 30 million depositary shares, each representing a 1/40th interest in its 4.000% Noncumulative Perpetual Series M Preferred Stock, priced at $25.00 per share. Expected to close on July 21, 2021, the net proceeds will be allocated for general corporate purposes, potentially funding loans or purchasing investment securities. The offering is managed by BofA Securities, J.P. Morgan, Morgan Stanley, UBS, Wells Fargo, Goldman Sachs, and Keefe, Bruyette & Woods.

First Republic Bank (NYSE:FRC) has announced a public offering of depositary shares representing a 1/40th interest in its Noncumulative Perpetual Series M Preferred Stock, priced at $25.00 each. The underwriters will have a 30-day option to purchase additional shares. Proceeds will support general corporate purposes, including funding loans and investing in securities. BofA Securities, J.P. Morgan, Morgan Stanley, and others are the joint book-running managers. This announcement does not constitute an offer for sale in jurisdictions where it would be unlawful.

First Republic Bank (NYSE: FRC) reported strong Q2 2021 results with revenues of $1.2 billion, a 33.9% increase year-over-year. Net interest income rose to $1.0 billion, up 27.5%, and net income reached $373.1 million, marking a 45.3% gain. The bank achieved record loan originations of $16.8 billion, a 24.7% increase, and total deposits grew by 36.7% to $134.7 billion. Wealth management assets surged 54.6% to $240.9 billion. A quarterly dividend of $0.22 per share was declared, payable on August 12, 2021, signaling confidence in sustained growth.

First Republic Bank (NYSE:FRC) has extended the contract of its Founder, Chairman, and CEO, Jim Herbert, through December 31, 2022. He will then transition to the role of Executive Chairman. The Board appointed Hafize Gaye Erkan as Co-CEO, sharing responsibilities with Herbert while continuing her role as President and Board director. The Board believes that this partnership will enhance growth and shareholder returns, leveraging Erkan's seven years of significant contributions to the company’s client-centric business model.

First Republic Bank (NYSE:FRC) has declared cash dividends on its perpetual preferred stock. A quarterly cash dividend of $11.75 per share for the Series J Preferred Stock, equivalent to $0.293750 per depositary share, is payable on July 30, 2021, to shareholders of record as of July 16, 2021. Additionally, the Series K will pay $10.3125 per share and the Series L will pay $10.6250 per share, with the same payment date and record date. These dividends reflect the bank's commitment to returning value to its shareholders.

First Republic Bank (NYSE:FRC) will release its second quarter 2021 financial results before the market opens on July 13, 2021. A conference call is scheduled for the same day at 7:00 a.m. PT, which will also be accessible via the Investor Relations section of the bank's website. For those unable to attend live, a replay will be available starting at 11:00 a.m. PT on the same day until July 20, 2021. First Republic specializes in private banking and wealth management, providing a range of services including loans and deposit services across multiple locations.

First Republic Bank (NYSE:FRC) has welcomed Terance Takyi as the new Managing Director and Wealth Manager in New York City. With over 15 years of experience in wealth management, Takyi will offer portfolio management, retirement planning, and investment consulting services. His previous roles included Vice President at JP Morgan and Private Client Advisor at Goldman Sachs. Bob Thornton, President of First Republic Private Wealth Management, praised Takyi's commitment to exceptional client service, marking an expansion of their wealth management team in the Greater New York area.

First Republic Bank (NYSE:FRC) has declared quarterly cash dividends on its perpetual preferred stock. A dividend of $12.8125 per share for the Noncumulative Perpetual Series H Preferred Stock will be paid on June 30, 2021, to shareholders of record as of June 16, 2021. For the Noncumulative Perpetual Series I Preferred Stock, a dividend of $13.75 per share is also slated for payment on the same date. These dividends highlight First Republic's commitment to shareholder returns.