© 2017 First Republic Bank. All rights reserved. Deposit and loan products are offered by First Republic Bank, Member FDIC and Equal Housing Lender First Republic Private Wealth Management includes First Republic Trust Company; First Republic Trust Company of Delaware LLC;First Republic Investment Management, Inc., an SEC-Registered Investment Advisor; and First Republic Securities Company, LLC, Member FINRA/ SIPC.
*Brokerage services offered by First Republic Securities Company, LLC. Investment performance may vary by client. Insurance Services provided through First Republic Securities Company, DBA Grand Eagle Insurance Services, LLC, CA Insurance License # 0I13184, and First Republic Investment Management, DBA Eagle Private Insurance Services, CA Insurance License # 0K93728. Investment, Insurance and Advisory Products and Services are Not FDIC Insured, Not Guaranteed and May Lose Value.
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This article is about the bank based in San Francisco. For the defunct bank based in Dallas, see First Republic Bank Corporation. First Republic Bank Type Public Traded as NYSE: FRC Industry BankingFinancial servicesInvestment services Founded 1985 Headquarters San Francisco, CA, USA Area served CaliforniaUnited States Key people James H. Herbert IIChairman and CEO Hafize Gaye ErkanPresident Products Consumer BankingCorporate BankingWealth ManagementMortgages Total assets US$73.
3 billion (2017) Total equity US$6.9 billion (2017) Subsidiaries First Republic Investment Management, Inc. First Republic Securities Company, LLC First Republic Trust Company First Republic Trust Company of Delaware LLC Gradifi Inc Website firstrepublic.com First Republic Bank is an American bank and wealth management company offering personal banking, business banking, trust and wealth management services.
The bank specializes in delivering personalized relationship-based service through preferred banking or trust offices on the United States East and West Coasts, including San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach, San Diego, Portland, Palm Beach, Boston, Greenwich and New York City. First Republic offers wealth management services through First Republic Wealth Advisors and First Republic Investment Management.
Brokerage services are provided through First Republic Securities Company LLC and Trust services are provided through First Republic Trust Company. Corporate History Changes in Ownership Started as a "tiny thrift" company, The company was founded in 1985. Since its founding it has undergone a series of ownership changes since 2007, beginning with its announced purchase by Merrill Lynch on January 29, 2007 for $1.
8 billion to augment their private client business. The company was to be operated as a separate business of Merrill Lynch. The Merrill transaction was finalized on September 21, of 2007. Robert J. McCann, president of Merrill's Global Wealth Management group stated their purpose was to accelerate their strategy of "growing our high net worth, private banking business" Over the same weekend that Lehman Brothers Holdings filed for Chapter 11 bankruptcy protection, on September 15, 2008, Merrill Lynch and its subsidiaries were acquired by Bank of America.
 In October 2009, the First Republic once more changed ownership, with the announced purchase by two private equity firms, Colony Capital and General Atlantic of just under 50%, and a group of other investors that includes the chairman, James Herbert and the former COO Katherine August-deWilde. The price was valued at about $1 billion. Both equity firms have had prior relationships with First Republic Bank as Thomas J.
Barrack, Jr., the head of Colony, had been a board member prior to the Merrill Lynch deal and General Atlantic had been an early investor in the firm putting up about $5 million in 1987. The deal was consummated on July 1, 2010. The London-based AltAssets news service reported that an additional $800 million was provided by the new investment consortium to meet new capital requirements established by U.
S. regulators. Gradifi and Other Events In the years leading up to 2016, the bank's private wealth management unit acquired advisory team such as Constellation Wealth Partners. By April 2016, American Banker says the company had $62.1 billion in assets. With clients such as Mark Zuckerberg, also by then First Republic had opened branches at the Facebook and Twitter Inc. headquarters in Silicon Valley.
Barron's in September 2016 decided to list First Republic Bank at 21 on its list of America's Top 40 Wealth Management Firms. By December 2016, First Republic Bank had $68 billion in assets. In December 2016, the bank acquired Gradifi, a startup in Boston, for an unknown cash amount. Two years old, Gradifi worked with companies to help their employees pay off student debt, and First Republic had become a client in August 2016.
 Becoming a wholly owned subsidiary of First Republic, Gradifi continued to operate in Boston under its own name with the same chief executive and an increase in employee count. Gradifi retained its customer base including PricewaterhouseCoopers, Natixis Global Asset Management and Penguin Random House. Subsidiaries First Republic Investment Management, Inc. First Republic Securities Company, LLC First Republic Trust Company First Republic Trust Company of Delaware LLC Gradifi Inc Branch locations There are currently 68 office locations of First Republic, all of which are in the United States.
 West Northern California (37) Southern California (16) Portland, Oregon (1) East Boston, Massachusetts (3) Greenwich, Connecticut (1) Manhattan, New York (8) Wellesley, Massachusetts (1) Palm Beach, Florida (1) Salem, New Hampshire (Additional lending office) References ^ a b "Consolidated Balance Sheet, February 28, 2017". ^ a b First Republic: Is It Wrong to Build a Bank for Wealthy Clients Only? in The Wall Street Journal by Rachel Louise Ensign, Anna Maria Andriotis and Paul Overberg, on August 16, 2016 ^ a b Merrill Lynch to Acquire First Republic Bank for $1.
8 Billion, Press Release, January 29, 2007 Archived March 9, 2012, at the Wayback Machine. ^ Merrill Lynch and First Republic Bank Successfully Close Merger, Press Release, September 21, 2007 Archived March 9, 2012, at the Wayback Machine. ^ Weekend Merger Struck With Bank of America, Washington Post by Binyamin Appelbaum and Zachary A. Goldfarb, September 15, 2008 ^ Bank of America Sells First Republic Bank, New York Times by Zachery Kouwe, October 21, 2009 ^ General Atlantic, Colony Capital close First Republic Bank deal, AltAssets, July 21, 2010 Archived August 12, 2011, at the Wayback Machine.
^ a b America's Top 40 Wealth Management Firms in Barron's by Matt Barthel, September 17, 2016 ^ Wealth Management Lifts First Republic Profit in American Banker by Jacob Passy, April 14, 2016 ^ Silicon Valley Elites Get Home Loans With No Money Down in Bloomberg News by Heather Perlberg and Prashant Gopal, July 27, 2016 ^ a b c d First Republic Buys Student-Debt Startup Gradifi in American Banker by Joseph Kellard on December 12, 2016 ^ a b c d e f First Republic Bank scoops up Boston student debt startup in the Boston Business Journal by Kelly J.
Obrien, December 12, 2016 ^ a b c d e f g h First Republic Locations - All 68 locations in spring 2017 ^ First Republic spots in New York on 3/27/2017 External links First Republic Bank Retrieved from "https://en.wikipedia.org/w/index.php?title=First_Republic_Bank&oldid=810481555"