First Republic Bank
Encyclopedia
First Republic Bank is a bank
and wealth management company offering personal banking, business banking, trust and wealth management services. The bank specializes in delivering personalized relationship-based service through preferred banking or trust offices on the US East and West Coasts, including San Francisco, Los Angeles
, Santa Barbara
, Newport Beach, San Diego, Portland
, Seattle, Boston
and New York City
. First Republic offers wealth management services through First Republic Wealth Advisors and First Republic Investment Management. Brokerage services are provided through First Republic Securities Company LLC and Trust services are provided through First Republic Trust Company.
on January 29, 2007 for $1.8 billion to augment their private client business. The company was to be operated as a separate business of Merrill Lynch. The Merrill transaction was finalized on September 21, of 2007. Robert J. McCann, president of Merrill's Global Wealth Management group stated their purpose was to accelerate their strategy of "growing our high net worth, private banking business" On September 15, 2008 the ownership changed hands again when Merrill Lynch who still had ownership of First Republic was acquired by Bank of America
over the same weekend that Lehman Brothers
Holdings filed for Chapter 11 bankruptcy protection. In October 2009, the company once more changed ownership, with the announced purchase by two private equity firms, Colony Capital and General Atlantic
of just under 50%, and a group of other investors that includes the chairman, James Herbert and the COO Katherine August-deWilde. The price was valued at about $1 billion. Both equity firms have had prior relationships with First Republic Bank as Thomas Barrack, the head of Colony, had been a board member prior to the Merrill Lynch deal and General Atlantic had been an early investor in the firm putting up about $5 million in 1987. The deal was consummated on July 1, 2010. The London-based AltAssets
news service reported that an additional $800 million was provided by the new investment consortium to meet new capital requirements established by U.S. regulators.
East
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
and wealth management company offering personal banking, business banking, trust and wealth management services. The bank specializes in delivering personalized relationship-based service through preferred banking or trust offices on the US East and West Coasts, including San Francisco, Los Angeles
Los Ángeles
Los Ángeles is the capital of the province of Biobío, in the commune of the same name, in Region VIII , in the center-south of Chile. It is located between the Laja and Biobío rivers. The population is 123,445 inhabitants...
, Santa Barbara
Santa Barbara, California
Santa Barbara is the county seat of Santa Barbara County, California, United States. Situated on an east-west trending section of coastline, the longest such section on the West Coast of the United States, the city lies between the steeply-rising Santa Ynez Mountains and the Pacific Ocean...
, Newport Beach, San Diego, Portland
Portland, Oregon
Portland is a city located in the Pacific Northwest, near the confluence of the Willamette and Columbia rivers in the U.S. state of Oregon. As of the 2010 Census, it had a population of 583,776, making it the 29th most populous city in the United States...
, Seattle, Boston
Boston
Boston is the capital of and largest city in Massachusetts, and is one of the oldest cities in the United States. The largest city in New England, Boston is regarded as the unofficial "Capital of New England" for its economic and cultural impact on the entire New England region. The city proper had...
and New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
. First Republic offers wealth management services through First Republic Wealth Advisors and First Republic Investment Management. Brokerage services are provided through First Republic Securities Company LLC and Trust services are provided through First Republic Trust Company.
Recent ownership
The company was founded in 1985 and has undergone a series of ownership changes since 2007, beginning with its announced purchase by Merrill LynchMerrill Lynch
Merrill Lynch is the wealth management division of Bank of America. With over 15,000 financial advisors and $2.2 trillion in client assets it is the world's largest brokerage. Formerly known as Merrill Lynch & Co., Inc., prior to 2009 the firm was publicly owned and traded on the New York...
on January 29, 2007 for $1.8 billion to augment their private client business. The company was to be operated as a separate business of Merrill Lynch. The Merrill transaction was finalized on September 21, of 2007. Robert J. McCann, president of Merrill's Global Wealth Management group stated their purpose was to accelerate their strategy of "growing our high net worth, private banking business" On September 15, 2008 the ownership changed hands again when Merrill Lynch who still had ownership of First Republic was acquired by Bank of America
Bank of America
Bank of America Corporation, an American multinational banking and financial services corporation, is the second largest bank holding company in the United States by assets, and the fourth largest bank in the U.S. by market capitalization. The bank is headquartered in Charlotte, North Carolina...
over the same weekend that Lehman Brothers
Lehman Brothers
Lehman Brothers Holdings Inc. was a global financial services firm. Before declaring bankruptcy in 2008, Lehman was the fourth largest investment bank in the USA , doing business in investment banking, equity and fixed-income sales and trading Lehman Brothers Holdings Inc. (former NYSE ticker...
Holdings filed for Chapter 11 bankruptcy protection. In October 2009, the company once more changed ownership, with the announced purchase by two private equity firms, Colony Capital and General Atlantic
General Atlantic
General Atlantic is a private equity investment firm. The firm invests through growth capital injections, control buyouts, industry consolidations, build-ups, recapitalizations, and PIPEs...
of just under 50%, and a group of other investors that includes the chairman, James Herbert and the COO Katherine August-deWilde. The price was valued at about $1 billion. Both equity firms have had prior relationships with First Republic Bank as Thomas Barrack, the head of Colony, had been a board member prior to the Merrill Lynch deal and General Atlantic had been an early investor in the firm putting up about $5 million in 1987. The deal was consummated on July 1, 2010. The London-based AltAssets
AltAssets
AltAssets is an online financial news website focused on the private equity and venture capital industry. Owned and operated as a free service by private equity advisory firm, Almeida Capital, AltAssets was launched in 2001 and is based in London....
news service reported that an additional $800 million was provided by the new investment consortium to meet new capital requirements established by U.S. regulators.
Branch locations
West- Northern CaliforniaNorthern CaliforniaNorthern California is the northern portion of the U.S. state of California. The San Francisco Bay Area , and Sacramento as well as its metropolitan area are the main population centers...
(31) - Southern CaliforniaSouthern CaliforniaSouthern California is a megaregion, or megapolitan area, in the southern area of the U.S. state of California. Large urban areas include Greater Los Angeles and Greater San Diego. The urban area stretches along the coast from Ventura through the Southland and Inland Empire to San Diego...
(15) - Portland, OregonPortland, OregonPortland is a city located in the Pacific Northwest, near the confluence of the Willamette and Columbia rivers in the U.S. state of Oregon. As of the 2010 Census, it had a population of 583,776, making it the 29th most populous city in the United States...
(1)
East
- Boston, Massachusetts (2)
- Greenwich, ConnecticutGreenwich, ConnecticutGreenwich is a town in Fairfield County, Connecticut, United States. As of the 2010 census, the town had a total population of 61,171. It is home to many hedge funds and other financial service companies. Greenwich is the southernmost and westernmost municipality in Connecticut and is 38+ minutes ...
(1) - New York City, New York (6)
- Salem, New HampshireSalem, New HampshireSalem is a town in Rockingham County, New Hampshire, United States. The population was 28,776 at the 2010 census. Salem is a marketing and distributing center north of Boston, with a major amusement attraction, Canobie Lake Park, and a large shopping mall, the Mall at Rockingham Park.- History :The...
(Additional lending office)
Subsidiaries
- First Republic Wealth Advisors
- First Republic Investment Management
- First Republic Securities Company, LLC - Member FINRA/SIPC
- First Republic Trust Company
Management
- James H. Herbert II - Chairman and Chief Executive Officer
- Katherine August-deWilde - President and Chief Operating Officer
- Edward J. Dobranski - Executive Vice President, Secretary and General Counsel since 1992
- Michael J. Harrington - President, First Republic Trust Company
- David B. Lichtman - Executive Vice President and Chief Credit Officer
- Willis H. Newton, Jr. - Executive Vice President and Chief Financial Officer since 1988
- Joe Petitti - Executive Vice President, Deposit Sales, Product & Strategy, First Republic Bank
- Dale A. Smith - Executive Vice President and Chief Information Officer, First Republic Bank
- David Tateosian - President, First Republic Securities Company
- Bob Thornton - President, First Republic Investment Management and President, First Republic Wealth Advisors