American Financial Services Company
|Headquarters||San Francisco, CA, USA|
|California, Oregon, New York, Massachusetts, Connecticut, Florida, Wyoming|
|James H. Herbert II
Chairman and CEO
Hafize Gaye Erkan
|Total property||US$111.0 billion (2019)|
First Republic Bank is an American bank and wealth administration firm providing private banking, enterprise banking, belief, and wealth administration companies, catering to low-risk, excessive net-worth clientele, and specializing in offering personalised buyer expertise. The bank focuses on delivering personalised relationship-based service by most well-liked banking or belief places of work within the United States, together with San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach, San Diego, Portland, Palm Beach, Boston, Greenwich, New York City, Jackson, Wyoming, and Manhattan Beach.
First Republic presents wealth administration companies by First Republic Wealth Advisors and First Republic Investment Management. Brokerage companies are offered by First Republic Securities Company LLC and Trust companies are offered by First Republic Trust Company.
Corporate historical past
Changes in possession
First Republic was based in 1985, beginning as a small thrift firm. Since its founding, it has undergone a collection of possession adjustments since 2007, starting with its introduced buy by Merrill Lynch on January 29, 2007 for $1.8 billion to reinforce their non-public shopper enterprise. The firm was to be operated as a separate enterprise of Merrill Lynch. The Merrill transaction was finalized on September 21, of 2007. Robert J. McCann, president of Merrill’s Global Wealth Management group acknowledged their objective was to speed up their technique of “growing our high net worth, private banking business.” Over the identical weekend that Lehman Brothers Holdings filed for Chapter 11 chapter safety, on September 15, 2008, Merrill Lynch and its subsidiaries had been acquired by Bank of America.
In October 2009, slightly below 50% of First Republic was bought by two non-public fairness companies, Colony Capital and General Atlantic, and a bunch of different buyers that included chairman James Herbert and former COO Katherine August DeWilde. The worth was valued at about $1 billion. Both fairness companies had prior relationships with First Republic Bank. Thomas J. Barrack, Jr., the top of Colony, had been a board member previous to the Merrill Lynch deal and General Atlantic had been an early investor within the agency placing up about $5 million in 1987. The deal was consummated on July 1, 2010. The London-based information service reported that an extra $800 million was offered by the brand new funding consortium to satisfy new capital necessities established by U.S. regulators.
Gradifi and up to date occasions
In the years main as much as 2016, the bank’s non-public wealth administration unit acquired advisory groups comparable to Constellation Wealth Partners. By April 2016, First Republic had opened branches on the Facebook and Twitter Inc. headquarters in Silicon Valley. It additionally had varied high-profile clients.Barron’s in September 2016 determined to listing First Republic Bank at 21 on its listing of America’s Top 40 Wealth Management Firms. By December 2016, First Republic Bank had $68 billion in property.
In December 2016, the bank acquired Gradifi, a startup in Boston, for an unknown money quantity. Then two years previous, Gradifi works with firms to assist their workers repay student debt, and First Republic had turn into a shopper in August 2016. Becoming an entirely owned subsidiary of First Republic, Gradifi continues to function in Boston beneath its personal identify. Gradifi retained its buyer base together with PricewaterhouseCoopers, Natixis Global Asset Management and Penguin Random House.
Remaining a big American bank, in March 2018, the bank invested in CommonBond, a student loan financier. First Republic introduced it might broaden into Jackson, Wyoming in May 2018 with a brand new department. Also that month, First Republic signed a deal to double its area at Rockefeller Center in New York City. In June 2018, Forbes ranked First Republic #220 on its Global 2000 listing of “growth champions.” Forbes additionally ranked it #268 on America’s largest public firms. With 5,350 workers on the time, First Republic had a market cap of $15.8 billion and wealth administration property totaling $140.2 billion.
- First Republic Investment Management, Inc.
- First Republic Securities Company, LLC
- First Republic Trust Company
- First Republic Trust Company of Delaware LLC
There are at the moment 78 workplace places of First Republic, all of that are within the United States.
- “First Republic Bank – Who we Are Release”.
- Merrill Lynch to Acquire First Republic Bank for $1.8 Billion, Press Release, January 29, 2007 Archived March 9, 2012, on the Wayback Machine
- First Republic: Is It Wrong to Build a Bank for Wealthy Clients Only? in The Wall Street Journal by Rachel Louise Ensign, Anna Maria Android and Robert S August 16, 2016
- Merrill Lynch and First Republic Bank Successfully Close Merger, Press Release, September 21, 2007 Archived March 9, 2012, on the Wayback Machine
- Weekend Merger Struck With Bank of America, , September 15, 2008
- Bank of America Sells First Republic Bank, New York Times by Zachery , October 21, 2009
- General Atlantic, Colony Capital shut First Republic Bank deal , July 21, 2010 Archived August 12, 2011, on the Wayback Machine
- America’s Top 40 Wealth Management Firms in Barron’s by Matt Barthel, September 17, 2016
- Wealth Management Lifts First Republic Profit in American Banker by Jacob Passy, April 14, 2016
- Silicon Valley Elites Get Home Loans With No Money Down in Bloomberg News by Heather Perlberg and Prashant Gopal, July 27, 2016
- First Republic: Is It Wrong to Build a Bank for Wealthy Clients Only? in The Wall Street Journal by Rachel Louise Ensign, Anna Maria Andriotis and Paul Overberg, on August 16, 2016
- First Republic Buys Student-Debt Startup Gradifi in American Banker by Joseph Kellard on December 12, 2016
- First Republic Bank scoops up Boston student debt startup within the Boston Business Journal by Kelly J. Obrien, December 12, 2016
- “Full List: Ranking America’s 100 Largest Banks 2018”.
- “Student Lender CommonBond Raises $50M to Invest in Technology, Blockchain”.
- “First Republic Bank Renews and Expands to 280K SF in Rock Center”. 29 May 2018.
- “First Republic Bank (FRC)”.
- “First Republic: Preferred Banking Offices”.
- First Republic Locations – All 68 places in spring 2017