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First Republic Bank to Acquire First Signature Bank & Trust of New Hampshire
Purchase May Assist First Republic Expand Operations In Northeast
August 3, 2005
First Republic Bank (NYSE:FRC), a leading provider of full-service private banking, investment management, brokerage and trust services, today announced a definitive agreement to acquire First Signature Bank & Trust of Portsmouth, New Hampshire, a wholly owned subsidiary of John Hancock Financial Services Inc.
The acquisition is subject to various regulatory approvals.
The acquisition may enable First Republic Bank to expand its existing private banking, private business banking and wealth management operations in the Northeast. First Republic currently has three offices in Manhattan and two loan production offices in the Boston-New Hampshire region. The bank’s Trainer Wortham & Co. investment management subsidiary is also headquartered in New York City.
First Signature is a wholesale bank with an office in New Hampshire. At the close of the transaction, First Signature is expected to have approximately $400 million in liabilities consisting primarily of certificates of deposit, and its assets are expected to consist primarily of cash. First Republic is paying tangible book value, plus a modest premium. The operations of First Signature will be merged into First Republic Bank when the transaction closes.
“The acquisition of First Signature Bank & Trust may help First Republic Bank expand its franchise in an area which has a growing number of clients,” said Jim Herbert, President & CEO of First Republic Bank.
First Republic has 30 full-service offices in California, New York City and Las Vegas. First Republic’s investment advisory subsidiaries include Trainer Wortham & Co., Froley, Revy Investment Co., and Starbuck, Tisdale & Associates. First Republic Trust Company offers a wide range of investment management and trust services. First Republic Securities Company LLC, member NASD/SIPC, is a securities broker-dealer that provides a wide range of investment products and services.
Sandler O’Neill & Partners acted as the exclusive advisor in the transaction for First Republic Bank. Keefe Bruyette & Woods was the exclusive advisor for First Signature.
About First Republic Bank
First Republic Bank (NYSE:FRC) is a private bank and wealth management firm. The Bank and its subsidiaries specialize in providing personalized, relationship-based wealth management services, including private banking, private business banking, investment management, trust, brokerage and real estate lending. As of June 30, 2005, the Bank and its subsidiaries had total Bank assets and other managed assets of $25.5 billion. First Republic Bank provides access to its services online and through preferred banking offices in seven major metropolitan areas: San Francisco, Los Angeles, Orange County, San Diego, Santa Barbara, Las Vegas and New York City. More information is available on the Bank’s web site at http://www.firstrepublic.com.
About John Hancock
John Hancock is a unit of Manulife Financial Corporation, a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$350 billion (US$290 billion) as at March 31, 2005.
Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘0945’ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.
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Contact:
- Greg Berardi
- Blue Marlin Partners
- (415) 239-7826
- greg@bluemarlinpartners.com
