HOME > About Us > In The News > Press Release
In The News
Ratings of First Republic Bank Upgraded by Standard & Poor's
March 9, 2006
SAN FRANCISCO -- First Republic Bank (NYSE: FRC), a leading provider of full-service private banking, real estate lending, investment management, brokerage and trust services, today announced that Standard & Poor's Ratings Services raised its long-term issuer credit rating on First Republic Bank to BBB/A-2 from BBB-/A-3.
In a news release on March 7, 2006, Standard & Poor's credit analyst Robert B. Hoban, Jr. said: "The rating action is in response to First Republic's continued excellent credit performance and development of its deposit franchise, which has led to improved profitability and liquidity profile."
Jim Herbert, President and CEO of First Republic Bank, said, "We're very pleased with the upgrades from Standard & Poor's Ratings Services. First Republic's success is the result of a long-term strategy to build a stable, disciplined franchise focused on delivering exceptional service to every client."
On February 7, 2006, Moody's Investors Service upgraded the ratings of First Republic to Baa1 from Baa2 for long-term deposits and to Baa2 from Baa3 for other senior obligations and issuer ratings. On December 22, 2005, Fitch Ratings upgraded First Republic's long-term deposits to A- from BBB+ and its subordinated notes to BBB+ from BBB. Standard & Poor's does not rate the Bank's deposits. All of the Bank's ratings are available at www.firstrepublic.com.
First Republic has full-service offices in California, New York City, Boston, Connecticut, 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 comprehensive trust and wealth management services. First Republic Securities Company LLC, member NASD/SIPC, is a securities broker-dealer that provides a wide range of investment products and services.
About First Republic Bank
First Republic Bank is a NYSE-traded 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 December 31, 2005, the Bank and its subsidiaries had total Bank assets and other managed assets of $27.6 billion. First Republic Bank provides access to its services online and through preferred banking offices in eight major metropolitan areas: San Francisco, Los Angeles, Santa Barbara, Newport Beach, San Diego, Las Vegas, Boston, and New York. More information is available on the Bank's website at www.firstrepublic.com.
Contact:
- Greg Berardi
- Blue Marlin Partners
- (415) 239-7826
- greg@bluemarlinpartners.com
