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First Republic Bank closes overallotment option for depositary shares offering

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First Republic Bank closes overallotment option for depositary shares offering

First Republic Bank on Dec. 17 offered and sold 1.8 million depositary shares, pursuant to the exercise of the underwriters' overallotment option to buy up to an additional 2 million depositary shares in connection with the bank's recently closed public offering.

Each depositary share represents a 0.025 interest in a share of the San Francisco-based company's 4.70% noncumulative perpetual series J preferred stock.

The aggregate public offering price was $45 million plus accrued dividends of $94,000, while the aggregate underwriting discount was $1.4 million.

The offering closed on Dec. 19.

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