On June 5, First Republic Bank announced its public offering of 12 million depositary shares at a price of $25 per share. Every share represents a 1/40th interest in a share of its 5.5 percent Noncumulative Perpetual Series I Preferred Stock.

The offering can only be made through an offering circular available at www.frc-offering.com and was expected to close on or about June 12, subject to the satisfaction of customary closing conditions. It is also available through its joint book-running managers: Wells Fargo Securities, LLC, 608 Second Ave. S., Minneapolis, MN 55402, Attention: WFS Customer Service, email: wfscustomerservice@wellsfargo.com or by calling toll-free at 1-800-645-3751; Merrill Lynch, Pierce, Fenner & Smith Inc., NC1-004-03-43, 200 N. College St., third floor, Charlotte, NC 28255-0001, Attention: Prospectus Department, or email: dg.prospectus_requests@baml.com; and Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick St., New York, New York 10014, or by email at prospectus@morganstanley.com. Serving as co-managers are Keefe, Bruyette & Woods, Inc. and J.P. Morgan Securities LLC.

The bank, which offers a complete line of banking products for individuals and businesses, aims to use the net proceeds for general corporate purposes such as funding loans or acquiring investment securities. First Bank may likewise use the net proceeds to redeem in part or in whole its 7 percent Noncumulative Perpetual Series E Preferred Stock, together with cash on hand once said securities reaches its terms in December 2018 and becomes redeemable.