First Republic Bank (NYSE: FRC), a leading provider of private banking, private business banking and wealth management services, today said that it has been added to the Wilshire 5000 Total Market IndexSM (Wilshire 5000SM).
The Bank’s inclusion in the index, effective at the opening of trading today, followed the completion of First Republic’s initial public offering on December 14, 2010. First Republic Bank and its selling shareholders raised $323 million in gross proceeds in one of the largest banking IPOs in two decades. In July 2010, the bank completed a management-led buyback and became an independent entity again after raising over $1.8 billion from a group of private equity firms and other investors that included Colony Capital and General Atlantic.
“First Republic’s addition to the Wilshire 5000 Total Market IndexSM is another recent milestone and builds on the bank’s momentum of the past 12 months,” said Jim Herbert, Chairman and Chief Executive Officer of First Republic Bank. “In July, First Republic completed a seamless transition to independence again, followed by a highly successful IPO in December. In January, First Republic reported strong fourth quarter financial results. First Republic’s success is the result of a complete focus on delivering exceptional service to banking and wealth management clients.”
The Wilshire 5000 Total Market Index is a broad measure of the U.S. stock market that was developed in 1974 by Wilshire Associates Incorporated. First Republic’s inclusion in the index was done in conjunction with monthly additions and deletions to the index after the close of the U.S. financial markets on March 18, 2011.
“Since its inception, the Wilshire 5000 has added companies monthly,” noted Lawrence E. Davanzo, President of Wilshire Associates Incorporated. “We chose to mimic the way money managers actually invest by including the performance of newly public companies like First Republic Bank in a timely and effective manner. This provides the investment community with the most up-to-date, reflective and complete equity index possible.”
About First Republic Bank
First Republic Bank (NYSE:FRC) and its subsidiaries provide private banking, private business banking and private wealth management. Founded in 1985, First Republic specializes in exceptional, relationship-based service offered through preferred banking or wealth management offices primarily in San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach, San Diego, Portland, Boston, 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. More information is available on the Bank’s website at http://www.firstrepublic.com.
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