NEW YORK (AP) -- Shares of First Republic Bank are expected to debut on the New York Stock Exchange next week.
The San Francisco commercial bank plans to offer 11 million shares in an initial public offering. It expects to price shares between $24 and $27 apiece, according to a Federal Deposit Insurance Corp. filing. First Republic is offering 4 million shares itself, and selling stockholders are offering 7 million shares.
The underwriters have a 30-day option to buy up to 600,000 more shares from the company and up to 1.05 million shares from the selling stockholders to cover excess demand.
The company estimates $92.4 million in proceeds if shares price at $25.50 each. It plans to use the proceeds for general corporate purposes such as funding loans or buying investment securities. The bank will not receive any proceeds from the shares sold by stockholders.
The bank provides private banking, investment management, brokerage, trust, and real estate lending services.
First Republic Bank said it had $22 billion in assets as of Sept. 30, along with $19 billion in deposits, $17.2 billion in wealth management assets and $3.7 billion in loans serviced for others. The company's management repurchased First Republic Bank from Bank of America earlier this year.
First Republic Bank was a standalone company until October 2007, when it was acquired by Merrill Lynch. Merrill Lynch is now part of Bank of America.
The company has applied to list its shares on the NYSE under the symbol "FRC."
BofA Merrill Lynch, Morgan Stanley and JPMorgan will be the joint underwriters.
0 comments:
Post a Comment