Looking Ahead
Our expectations for 2007 are to continue to serve our existing clients in ever-growing ways and to establish new relationships in a thoughtful manner, growing steadily but carefully so that we do not compromise quality. We will grow our New York City presence and expand locations in existing California markets.
On January 29, 2007, First Republic entered into a definitive agreement with Merrill Lynch to become a stand-alone part of their company. This is not a typical banking merger; we will operate separately with the same service, standards, and culture that have so significantly contributed to our success. What the partnership will do, however, is open new opportunities for growth and expansion, employee development and client service. This will enable us to execute our long term business plan more immediately and ultimately help us to even better serve our clients.
Importantly, we will continue to have authority and flexibility to define the future of First Republic.
- We will retain the First Republic Bank name.
- Our headquarters will stay in San Francisco.
- Our executive management team will remain in place.
- Our current Board of Directors will continue to serve as an advisory board, chaired by Roger Walther.
- We will continue to retain and hire the very best people in the business.
We expect this transaction to close in the third quarter of 2007. And, since it remains business as usual at our company, we expect 2007 to be another strong year for First Republic.
We thank our clients most sincerely for your trust and business. It's a privilege to serve you.
We also thank the entire First Republic team for another great year; no finer team exists in private banking.
ROGER O. WALTHER
Chairman
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JAMES H. HERBERT, II
President and
Chief Executive Officer
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KATHERINE AUGUST-deWILDE
Executive Vice President and
Chief Operating Officer
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