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First Republic Bank closes common stock offering


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First Republic Bank closes common stock offering

San Francisco-based First Republic Bank completed its underwritten public offering of 2.5 million common shares.

The bank expects aggregate gross proceeds of $295 million from the offering, with aggregate underwriting discounts and commissions of $4.1 million.

Underwriters of the offering were granted a 30-day option to buy up to an additional 375,000 shares. Net proceeds could reach about $334.2 million if the underwriters fully exercise this option.

Net proceeds will be used for general corporate purposes, which may include funding loans or buying investment securities for the bank's portfolio.

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