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First Republic Bank selling 2.5 million common shares


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First Republic Bank selling 2.5 million common shares

San Francisco-based First Republic Bank agreed to sell 2.5 million common shares in an underwritten public offering.

The bank granted the underwriters of the offering a 30-day option to purchase up to an additional 375,000 shares.

The offering is expected to close on or about Jan. 17. First Republic Bank intends to use the net proceeds for general corporate purposes, which may include funding loans or purchasing investment securities for its portfolio.

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