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First Republic Bank selling 4 million common shares


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First Republic Bank selling 4 million common shares

San Francisco-based First Republic Bank has established an at-the-market equity offering program whereby it may sell up to 4 million of its common shares.

First Republic has entered into an equity distribution agreement with Keefe Bruyette & Woods, BofA Merrill Lynch, J.P. Morgan and Morgan Stanley as First Republic's distribution agents.

First Republic plans to use the net proceeds from any sales of common shares under the program for general corporate purposes, potentially including funding loans or purchasing investment securities for its portfolio.