SAN FRANCISCO, June 1, 2016 /PRNewswire/ -- First Republic
Bank ("First Republic") (NYSE: FRC), a leading private bank and wealth management company, today announced the pricing of an
underwritten public offering of 2,500,000 shares of its common stock for expected gross proceeds of approximately $178.0 million before underwriting discounts and commissions and estimated offering expenses. First Republic
has also granted the underwriters a 30-day option to purchase up to an additional 375,000 shares from First Republic. Morgan
Stanley, BofA Merrill Lynch and J.P. Morgan are serving as joint bookrunning managers.
The last reported sale price of its common stock on May 31, 2016 was $72.41 per share. The underwriters propose to offer the shares of common stock for sale from time to time in
one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or
otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices,
subject to receipt and acceptance by them and subject to their right to reject any order in whole or in part.
First Republic intends to use the net proceeds from the offering for general corporate purposes, which may include, among
other things, funding loans or purchasing investment securities for its portfolio. Closing of the offering is expected to occur
on or about June 6, 2016, subject to customary closing conditions.
The offering will be made only by means of an offering circular. The offering circular relating to the offering will be
available at www.frc-offering.com. Copies of the offering circular may
also be obtained when available from Morgan Stanley, attention: Prospectus Department, 180 Varick Street, Second Floor,
New York, NY 10014; from BofA Merrill Lynch, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, attention: Prospectus Department or email: dg.prospectus_requests@baml.com; or from J.P. Morgan, c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by calling toll-free
at (866) 803-9204.
This press release is for informational purposes only and shall not constitute an offer to sell or a solicitation of an offer
to buy the securities, nor shall there be any sale of the securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or
jurisdiction. The securities are neither insured nor approved by the Federal Deposit Insurance Corporation.
About First Republic Bank
Founded in 1985, First Republic and its subsidiaries offer private banking, private business banking and private wealth
management, including investment, trust and brokerage services. First Republic specializes in delivering exceptional,
relationship-based service, with a solid commitment to responsiveness and action. Services are offered through preferred banking
or wealth management offices primarily in San Francisco, Palo
Alto, Los Angeles, Santa Barbara, Newport Beach, San Diego, Portland,
Boston, Palm Beach, Greenwich
and New York City. First Republic offers a complete line of banking products for individuals and
businesses, including deposit services, as well as residential, commercial and personal loans.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform
Act of 1995. Statements about First Republic's expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or
future events or performance are not historical facts and may be forward-looking. These statements are often, but not always,
made through the use of words or phrases such as "anticipates," "believes," "can," "could," "may," "predicts," "potential,"
"should," "will," "estimates," "plans," "projects," "continuing," "ongoing," "expects," "intends" and similar words or phrases.
Accordingly, these statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties
that could cause actual results to differ materially from those expressed in them. All forward-looking statements are necessarily
only estimates of future results, and there can be no assurance that actual results will not differ materially from expectations,
and, therefore, you are cautioned not to place undue reliance on such statements. Any forward-looking statements are qualified in
their entirety by reference to the factors discussed in the section titled "Risk Factors" in First Republic's preliminary
offering circular relating to this offering, including the documents incorporated by reference therein, and other risks described
in documents subsequently filed by First Republic from time to time. Further, any forward-looking statement speaks only as of the
date on which it is made, and First Republic undertakes no obligation to update any forward-looking statement to reflect events
or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.
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SOURCE First Republic Bank