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First Republic Bank prices common stock offering

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First Republic Bank prices common stock offering

San Francisco-based First Republic Bank priced its offering of 2.5 million common shares for expected gross proceeds of about $295.0 million, before underwriting discounts, commissions and estimated offering expenses.

First Republic Bank granted underwriters an option to buy up to an additional 375,000 common shares from the company. The company intends to use net proceeds from the offering for general corporate purposes, which may include funding loans or purchasing investment securities for its portfolio.

The offering is expected to close on or about Jan. 17.

BofA Securities, J.P. Morgan, Goldman Sachs & Co. LLC, Morgan Stanley and Keefe Bruyette & Woods are joint book-running managers for the offering.