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First Republic Bank offering subordinated notes

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First Republic Bank offering subordinated notes

SanFrancisco-based First RepublicBank disclosed a public offering of its subordinated notes.

Netproceeds from the offering are expected to be used for general corporatepurposes, which may include funding loans or purchasing investment securitiesfor its portfolio. The bank may also use the net proceeds, together with cashon hand, to redeem, subject to regulatory approvals, its 6.70% noncumulativeperpetual seriesA preferred stock. The preferred stock is redeemable at FirstRepublic Bank's option, in whole or in part, on or after Jan. 30, 2017,according to a news release.

Thesubordinated notes are intended to qualify as Tier 2 capital for bankregulatory purposes.

MerrillLynch Pierce Fenner & Smith Inc., J.P. Morgan and Morgan Stanley areserving as joint book-running managers for the offering.