First Republic Bank (FRC), a private bank and wealth management company, announced the pricing of a public offering of 6 million depositary shares, each representing a 1/40th interest in a share of its 6.20% Noncumulative Perpetual Series B Preferred Stock, at a public offering price of $25.00 per depositary share.
First Republic said it expects 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.
The offering will also offset the impact on Tier 1 capital of a possible redemption by First Republic's subsidiary, First Republic Preferred Capital Corporation or FRPCC, of FRPCC's 7.25% Noncumulative Perpetual Series D preferred stock.
The redemption of FRPCC's Series D preferred stock would cause a one-time reduction in net income available to the Bank's common shareholders of $13.2 million, or $0.10 per share, in the quarterly period that FRPCC redeems its Series D preferred stock.
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