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.