Type | Public |
---|---|
| |
Industry | Banking Financial services Investment services |
Founded | 1985 |
Headquarters | San Francisco, CA, USA |
California, Oregon, New York, Massachusetts, Connecticut, Florida, Wyoming | |
Key people | James H. Herbert II Chairman and CEO Hafize Gaye Erkan President |
Products | Consumer Banking Business Banking Wealth Management Mortgages |
Total assets | US$111.0 billion (2019)[1] |
Subsidiaries |
|
Website | firstrepublic.com |
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First Republic Bank is an Americanbank and wealth management company offering personal banking, business banking, trust and wealth management services, catering to low-risk, high net-worth clientele, and focusing on providing personalized customer experience. The bank specializes in delivering personalized relationship-based service through preferred banking or trust offices in the United States, including 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.[1]
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.
Corporate history[edit]
Changes in ownership[edit]
First Republic was founded in 1985,[2] starting as a small thrift company.[3] Since its founding, it has undergone a series of ownership changes since 2007, beginning with its announced purchase by Merrill Lynch 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.[2] 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.'[4] Over the same weekend that Lehman Brothers Holdings filed for Chapter 11 bankruptcy protection, on September 15, 2008, Merrill Lynch and its subsidiaries were acquired by Bank of America.[5]
In October 2009, just under 50% of First Republic was purchased by two private equity firms, Colony Capital and General Atlantic, and a group of other investors that included chairman James Herbert and former COO Katherine August DeWilde. The price was valued at about $1 billion. Both equity firms had prior relationships with First Republic Bank. Thomas J. Barrack, Jr., 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.[6] The deal was consummated on July 1, 2010. The London-based 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.[7]
Gradifi and recent events[edit]
In the years leading up to 2016, the bank's private wealth management unit acquired advisory teams such as Constellation Wealth Partners.[8] By April 2016,[9] First Republic had opened branches at the Facebook and Twitter Inc. headquarters in Silicon Valley.[10] It also had various high-profile customers.[11]Barron's in September 2016 decided to list First Republic Bank at 21 on its list of America's Top 40 Wealth Management Firms.[8] By December 2016, First Republic Bank had $68 billion in assets.[12]
In December 2016, the bank acquired Gradifi, a startup in Boston, for an unknown cash amount.[13][12] Then two years old, Gradifi works with companies to help their employees pay off student debt,[12] and First Republic had become a client in August 2016.[13] Becoming a wholly owned subsidiary of First Republic,[13] Gradifi continues to operate in Boston under its own name.[12][13] Gradifi retained its customer base including PricewaterhouseCoopers, Natixis Global Asset Management and Penguin Random House.[13]
Remaining a large American bank,[14] in March 2018, the bank invested in CommonBond, a student loan financier.[15] First Republic announced it would expand into Jackson, Wyoming in May 2018 with a new branch.[16] Also that month, First Republic signed a deal to double its space at Rockefeller Center in New York City.[17] In June 2018, Forbes ranked First Republic #220 on its Global 2000 list of 'growth champions.' Forbes also ranked it #268 on America's largest public companies. With 5,350 employees at the time, First Republic had a market cap of $15.8 billion[18] and wealth management assets totaling $140.2 billion.[1]
Republic Twitter #modi1year
Subsidiaries[edit]
- First Republic Investment Management, Inc.
- First Republic Securities Company, LLC
- First Republic Trust Company
- First Republic Trust Company of Delaware LLC
Branch locations[edit]
There are currently 78 office locations of First Republic, all of which are in the United States.[19] Ar atomic mass.
West
- Northern California (37)[20]
- Southern California (16)[20]
- Portland, Oregon (1)[19]
East Cigna waiving copays.
- Boston, Massachusetts (4)[19]
- Greenwich, Connecticut (1)[19]
- Manhattan, New York (9)[19]
- Wellesley, Massachusetts (1)[19]
- Palm Beach, Florida (2)[19]
- Salem, New Hampshire[19] (additional lending office)
- Jackson, Wyoming (1)[1]
References[edit]
- ^ abcd'First Republic Bank - Who we Are Release'.
- ^ abMerrill Lynch to Acquire First Republic Bank for $1.8 Billion, Press Release, January 29, 2007Archived March 9, 2012, at 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, 2007Archived March 9, 2012, at 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 close First Republic Bank deal , July 21, 2010Archived August 12, 2011, at the Wayback Machine
- ^ abAmerica'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
- ^ abcdFirst Republic Buys Student-Debt Startup Gradifi in American Banker by Joseph Kellard on December 12, 2016
- ^ abcdeFirst Republic Bank scoops up Boston student debt startup in the Boston Business Journal by Kelly J. Obrien, December 12, 2016
- ^https://www.forbes.com/sites/kurtbadenhausen/2018/01/10/full-list-ranking-americas-100-largest-banks-2018/#6efd8fe93109
- ^https://www.forbes.com/sites/kristinstoller/2018/03/21/student-lender-commonbond-raises-50m-to-invest-in-technology-blockchain/#7d3540ba7479
- ^https://www.bizjournals.com/sanfrancisco/news/2018/05/07/first-republic-bank-wyoming-branch-frc.html
- ^https://commercialobserver.com/2018/05/first-republic-bank-renews-and-expands-to-280k-sf-in-rock-center/
- ^https://www.forbes.com/companies/first-republic-bank/
- ^ abcdefghhttps://www.firstrepublic.com/locations?gnav=globalheader;locations-view-all-locations
- ^ abFirst Republic Locations - All 68 locations in spring 2017
External links[edit]
- Business data for First Republic Bank:
Retrieved from 'https://en.wikipedia.org/w/index.php?title=First_Republic_Bank&oldid=1018791817'
Republic Twitter Poll
REVEALED: Twitter, Facebook and Netflix moguls have donated $7.5M to 'Marxist' BLM co-founder who is pushing their 'net neutrality' policy as their tech firms block users sharing critical stories about her
Republican Twitter Feeds
Tech moguls who made their fortunes from Facebook, Twitter and Netflix have donated at least $7.5 million to groups tied to BLM co-founder Patrisse Cullors, who has in turn publicly backed their policy goals, according to a new report. Twitter CEO Jack Dorsey, Facebook co-founder Dustin Moskovitz, and Patricia Ann Quillin, the wife of Netflix's billionaire CEO, all gave generously to Cullors' PAC and associated charities, according to the New York Post. Cullors for her part has strongly advocated for 'net neutrality', a policy that financially benefits online content providers such as Netflix and social media sites.