1985 / 2010
Twenty-Five
Years of Exceptional
Client Service
Ongoing Commitment to Exceptional Client Service
2010 was a remarkable year for
First Republic:
- Celebrated 25 years of consistent profitability.
- Re-established our independence.
- Became a publicly traded, NYSE listed company once again.
We are poised for continued growth with an extraordinary base of clients.
Founded in 1985, First Republic Bank and its subsidiaries
provide
private banking, private business banking and private wealth
management, including investment, trust and brokerage services.
First Republic specializes in delivering exceptional relationship-based
service, with a solid commitment to responsiveness and action.
James H. Herbert II
Chairman and Chief Executive Officer
Katherine August-deWilde
President and Chief Operating Officer
Dear Clients and Shareholders
March 2011
We are very pleased to be reporting to you, once again, as
an independent
and publicly traded, NYSE listed (“FRC”)
company. We want to express our most sincere thanks to our very
loyal clients.
This 2010 report covers the entire year but, most importantly, includes the second half of 2010 during which we were independent. We are pleased with our operational and financial results while credit quality continues to remain extremely clean.
Our continued concentration on the highest quality service, outstanding credit and carefully chosen geographic markets remains unchanged.
Overall, 2010 was a good year:
| Total Assets: | $22.4 billion | +12% growth |
| Deposits: | $19.2 billion | +12% growth |
| Wealth Management Assets: | $17.8 billion | +21% growth |
| Non-performing Assets: | Less than 1/10th of 1.0% of total assets at year end | |
| Net Income (6 months): |
$142.4 million $1.12 per share |
For the independent six-month period from July 1 to December 31, 2010 |
First Republic has grown steadily while remaining consistently profitable for 25 consecutive years. This is due in large part to our historically very careful credit culture and the focused, client centered nature of our business model. We intend to maintain this approach. This has led to an increase in market valuation from $23 million following our initial IPO in August 1986 to $3.8 billion at December 31, 2010–a compounded annual growth rate of 23.3%.
Our focus remains on expanding within our six existing, carefully chosen urban coastal markets: San Francisco, Los Angeles, New York, Boston, Portland and San Diego. In this regard, we currently expect to open four to six new Preferred Banking Offices during 2011, and to expand our business banking and wealth management offerings in each of our markets.
Our plan, in addition to providing exceptional personal service to clients on a daily basis, is to constantly improve our systems, open convenient offices in our key markets and hire the highest caliber relationship bankers and wealth advisors in every market where we do business. At year-end, momentum was quite strong in terms of lending backlog, new relationship flows and wealth management growth. Profits were a bit above target during our first six months of independence and credit quality remained very strong.
The year 2011 is not without its challenges and difficult circumstances here and abroad, yet there are an increasing number of bright spots in the economy, particularly in the areas where we do business. We intend to take full advantage of these emerging opportunities.
We thank you for your continued business and support.
Sincerely,
James H. Herbert II
Chairman and Chief Executive Officer
Katherine August-deWilde
President and Chief Operating Officer
Financial Highlights
Twenty-Five Years of Consistent Profitability
Stability
- Consistent Leadership
- Consistent, Organic Growth
- Consistently Profitable for 25 years
Market Value Creation
- Inital IPO 8/86—Market Valuation $23 Million
- Market Valuation 12/31/10: $3.8 Billion
- 25-Year Compound Annual Growth Rate: 23.3%
Twenty-Five Years of Consistent Profitability
1985
- First Republic Bancorp incorporated in March by founding CEO, Jim Herbert
- Katherine August-deWilde joined as CFO & doors opened July
- Approved as a “seller servicer” with Fannie Mae
- Acquired El Camino Thrift & Loan in San Diego
- Approximately 40 employees
- 4 office locations
1986
- Deposits insured by FDIC
- IPO of 840,000 shares of common stock (market value=$23 million)
- Listed on the NASDAQ exchange
1987
- Recognized as premier large home lender in San Francisco Bay Area
- Began lending in Los Angeles
- 6 office locations
1988
- Listed on American Stock Exchange
- Opened a depository office in Los Angeles
- Total assets of $363 million
1989
- Introduced home equity lines of credit
- Total deposits of $444 million
1990
- Approved as FHLB member
- Originated $120 million of low income home loans
- 7 office locations
1991
- Growth milestone: 100 employees
- 9 office locations
- Issued 1.7 million shares of common stock in 2 offerings (market value=$100 million)
1992
- Listed on the NYSE (ticker: FRC)
- Ranked as California’s largest Thrift & Loan
- Total assets over $1.2 billion
- Originated $826 million of loans
1993
- Opened first neighborhood branch in San Francisco (Geary Blvd.)
- 10 office locations, including Las Vegas
1994
- Introduced a money market checking account
- Declared second stock dividend
- 13 office locations
1995
- Exceeded $1 billion in deposits
- Introduced ATM services
- Repeat and referred customers represented 75% of loan originations
1996
- Introduced the service mark, “It’s a privilege to serve you®”
- Ranked 29th out of 450 California and Nevada financial institutions
- Average products per new home loan client—1.1
1997
- Converted to a full-service commercial bank—First Republic Bank
- Introduced Investment Management Services through investment in Trainer Wortham
- Included in Russell 2000 Stock Index
- Surpassed $1 billion in loan originations
- Market value =$250 million
1998
- Secured banking powers in New York and opened lending and deposit office
- Corporate office relocated to 111 Pine Street, San Francisco
- 231 employees
- 20 office locations
1999
- Launched Internet Banking
- Established First Republic Trust Company
- Launched 6 Brokerage and Securities desks
- 25 office locations
2000
- Average products per new home loan client—6.1
- Total deposits—$2.5 billion
- 423 employees
2001
- Among the 80 largest banks in the nation
- Acquired Starbuck Tisdale, expanding Investment Management Services
- 28 office locations
2002
- Obtained Moody’s investment-grade rating for deposits
- Raised $42 million of Tier 1 capital
- Total assets exceeded $4.8 billion
2003
- Initiated payment of quarterly dividends on common stock
- Originated $3.8 billion of loans
- 712 employees
- 37 office locations
2004
- Completed shift to a fully-integrated wealth management organization
- Business Banking grew substantially —and accounted for nearly half of total checking deposits
- Issued 510,000 shares of common stock (market value =$900 million)
2005
- Upgraded rating from Fitch to A- for long-term deposits
- Total deposits exceeded $7.0 billion
- Personal Financial Services group
- Issued 660,000 shares of common stock and $50 million of preferred stock
2006
- Opened office in Greenwich, CT
- Opened full-service banking and wealth management office in Boston, MA
- Completed our only bank merger with the acquisition of the Bank of Walnut Creek
- Average products per new home loan client—9.1
2007
- Acquired by and merged into Merrill Lynch Bank & Trust Co.,
FSB (44% premium, 3.6x TBV—$1.8 billion) - 1,235 employees
- 52 office locations
2008
- Bank of America announced pending acquisition of Merrill Lynch, including First Republic
- Originated record $9.7 billion of loans
- Total loans—$17.8 billion
2009
- Merged into Bank of America, N.A.
- Management-led buyout of First Republic from
Bank of America, backed by
Colony Capital LLC, General Atlantic LLC and others - Total deposits grew 40% to $17.2 billion
- 1,366 employees
2010
- 25 year business milestone
- Raised $1.86 billion of capital for buyback and became independent once again
- Established A-Credit ratings
- Completed second IPO (12,650,000 shares at $25.50/share.)
Listed on NYSE–FRC. Market value=$3.3 billion. - 1,379 employees and 61 office locations
Full-Service Private Banking and Wealth Management
A Relationship Manager works directly with each of our clients and directs a seamless flow of activities within First Republic. This Relationship Manager provides direct access to any bank function and coordinates communications and information. Relationship Managers at First Republic do just that: build long-term rewarding relationships with our clients.
A Distinctive Brand of Private Banking:
- Our approach to clients is based on advice and solutions–not products.
- We offer full-service banking on both coasts, including free Online Banking, free Bill Pay and free access to over 800,000 ATMs around the world. (With our ATM Rebate Checking Account, we even rebate access fees charged by other banks whenever our clients use their ATMs.)
- We keep financial safety and privacy at the forefront.
- We believe in frequent, personal contact. Our bankers get to know our clients and are easy to reach.
- Our primary source of new clients is referrals from satisfied
existing clients.
We provide the same personalized, professional, and highly-responsive service to the business community as we do to personal banking clients. That’s why we call it Private Business Banking.
Specialized Services offered for:
- Accounting Firms
- Architecture and Design
- Art and Antique Dealers
- Business Management Firms
- Business Partnerships
- Entertainment/Media
- Entrepreneurs
- Family Offices
- Financial Services
- Independent Schools
- Investment Firms
- Law Firms
- Medical Firms
- Non-Profit Organizations
- Private Equity Funds/Firms
- Property Management Firms
- Real Estate Investors
- Venture Capital Funds/Firms
- Wineries
- Yacht, Golf, and Country Clubs
First Republic Private Wealth Management offers customized investment management, trust, and brokerage services for individuals, trusts, endowments, and pension plans. In addition to traditional portfolio management, we also employ carefully screened outside managers for equity, fixed income, and alternative investments.
Wealth Management Services include:
- Asset Allocation
- Portfolio Management
- Manager Selection
- Trust Administration and Custody
- Financial and Estate Planning
- Comprehensive Brokerage Services
*Investment Advisory services are provided by First Republic Investment Management, Inc. Trust services are provided by First Republic Trust Company. Brokerage services are offered through First Republic Securities Company, LLC, Member FINRA/SIPC.
Securities and investment advisory services and products are not FDIC insured and carry no bank or government insurance or guarantees. The purchase of securities involves investment risks including the possible loss of principal.
Complete Products and Services Customized
to Meet Our Clients’ Needs
Residential Lending
- Single Family Mortgages
- Vacation Home Mortgages
- Co-op and Condominium Loans
- Home Equity Lines of Credit
- Bridge Loans
- All-in-One, Construction-to-Permanent Loans
Commercial Real Estate Lending
- Apartment Building Loans
- Mixed-use Building Loans
- Commercial Real Estate Loans
- Construction and Renovation Loans
Personal Lending
- Stock/Bond Secured Loans
- Unsecured Loans
- Eagle Gold Streamlined Loans and Lines
- Overdraft Lines of Credit
- Standby Letters of Credit
- Partner Capital Loans and Lines
- Aircraft and Yacht Financing
Private Business Banking
- Lines of Credit
- Term Loans
- Eagle One Streamlined Loans and Lines
- Not-for-profit Lending
- Owner-occupied Commercial Real Estate Loans
- Small Business Lending
- Capital Call Lines
- Partner Capital Lines
- Standby Letters of Credit
- Foreign Exchange
- Aircraft Financing
- Business Analyzed Checking*
- Business Money Market Accounts
- Attorney Trust Accounts (IOLTA)*
- Investment Fund Lending
- Not-for-profit Checking
- Armored Car/Cash Services
- Multi-Client Management Accounts
- Custody and Business Escrow Services
- Free Business On-Site ATMs
- Remote Deposit Services
- Lockbox Services Nationwide
- Merchant Card Services
- Corporate Online
- Real Time Check Imaging
- Wire Services
* All noninterest-bearing checking accounts and interest-bearing IOLTA accounts at FirstRepublic feature unlimited FDIC insurance coverage through December 31, 2012.
Deposit Services
- ATM Rebate Checking
- ATM Rebate Checking Unlimited*
- Classic Checking*
- Money Market Checking
- Money Market Savings
- Passbook Savings
- Certificates of Deposit
- Free Traditional, Roth and SEP IRAs
- Free Online Banking
- Free Online Bill Pay
- Foreign Exchange
- Remote Deposit Service
* All noninterest-bearing checking accounts and interest-bearing IOLTA accounts at FirstRepublic feature unlimited FDIC insurance coverage through December 31, 2012.
Trust Services**
- Personal Trust Services with Open Architecture
- Trustee of Revocable, Irrevocable and Testamentary Trusts
- Estate Settlement/Executor Service
- Custody Services
- Business Escrow Services
- Independent and Objective Reporting
** Investment Advisory services are provided by First Republic Investment Management, Inc. Trust services are provided by First Republic Trust Company. Brokerage services are offered through First Republic Securities Company, LLC, Member FINRA/SIPC.
Brokerage Services**
- Full Service and Self-Directed Brokerage Service
- Equities and Mutual Funds
- Money Market Mutual Funds
- Treasury Bills/Bonds
- Agency Discount Notes
- Municipal Notes/Bonds
- Corporate Bonds
- Brokerage CDs
- Commercial Paper
- Margin Loans
- Option Execution Services
- Employee Stock Option Transactions
- 10b5-1 Plans for Corporate Executives
- Hedging Strategies for Concentrated Stock Positions
- Online Brokerage
- FDIC Insured Sweep Accounts
** Investment Advisory services are provided by First Republic Investment Management, Inc. Trust services are provided by First Republic Trust Company. Brokerage services are offered through First Republic Securities Company, LLC, Member FINRA/SIPC.
Investment Management Services**
- Equity Management
- Fixed Income Management
- Socially Responsible Investing
- Access to a selection of Alternative Investments including Private Equity, Hedge Funds, and Real Estate Funds***
** Investment Advisory services are provided by First Republic Investment Management, Inc. Trust services are provided by First Republic Trust Company. Brokerage services are offered through First Republic Securities Company, LLC, Member FINRA/SIPC.
*** These products are offered to clients who meet certain eligibility and suitability requirements.
Investing in Our Communities
For 25 years, we have done business in some of the best markets in America. Our clients and our communities have remained very supportive of our bank and, in turn, we have been proud to contribute to these communities and help enhance and enrich all of us who live and work together. From inner-city arts programs to after-school resource centers, innovative health clinics, and scholarships for disadvantaged students, our goal is to provide resources to a large number of non-profit organizations that have the power to make our communities better in a very meaningful way.
We invite you to explore
a few examples of First Republic at work in the communities we serve. 
Investing in Our Communities
- Aim High / San Francisco,
CA
Education
Aim High programs combine intensive and engaging academic classes with activities that create opportunities for leadership development and community exploration. Students join after 5th or 6th grade, and participate for several consecutive summers, free of cost. Aim High not only prepares them for educational success but also encourages talented young adults to serve their communities and to consider teaching as a career. Over the last 25 years, Aim High has changed the lives of over 5,000 low-income youth.
- Huckleberry Youth Programs
/ San Francisco, CA
Children
Huckleberry Youth Programs, a community-based agency in San Francisco and Marin County, helps underserved youth overcome significant challenges. Services include shelter, access to medical care, health education, college-preparedness, and juvenile justice diversion. Their mission is to educate, inspire, and support underserved youth to develop healthy life choices, to maximize their potential, and to realize their dreams. Since 1967, the agency has provided services to homeless, runaway, and other high-needs individuals.
- WNET / New York City,
NY
Community Services
Home to two of the most-watched PBS stations in the country—WLIW and Thirteen—WNET serves the tri-state New York Metropolitan Area with some of the finest arts, science and public affairs programming in the region and the country. A flagship station of the non-profit Public Broadcasting Service, WNET serves its community with programming and educational outreach that satisfy a single, overarching goal: to create media that reaches, teaches and inspires.
Our Values
It’s not always easy to capture a corporate culture, but ours starts with values that make a difference. We take these values very seriously. They define what we must do every day to best serve our First Republic clients and each other.
We strive to do things right at First Republic. We also recognize that we’re a business of humans; mistakes will happen. Therefore, our mandate is to do the right thing: act with integrity, own our actions, correct mistakes, learn from experience.
We always aim to exceed expectations and serve our clients in unexpected ways. We’ll take on only what we can do right. Our business may be about wealth management and banking, but our success is all about service–exceptional client service.
Everyone at First Republic makes
a difference and everyone at First
Republic deserves to feel that
his or her contribution is valued. We place high value on collaboration
because we know that the power of many is greater than the power of
one.
At First Republic, it’s not enough to do our own jobs well. Making sure our clients are satisfied is everyone’s job. So if something needs fixing, we step up to the plate, own the problem and make things right.
We operate in an environment of trust and encourage openness and flexibility. We hire positive people who act positively. Our goal is to always “manage toward yes.”
There are two types of organizations–organizations that spend time checking and organizations that spend time doing. We’re doers. We value action and decisiveness and recognize that the best opportunities come to those that act quickly.
We’ve evolved greatly since our inception, expanding ourselves and our business purpose. At First Republic, we embrace change and every person has the opportunity to grow and contribute. We want our people to soar.
We know that if everyone enjoys their work, they’ll do a better job–and our clients will feel the difference. It’s really that simple.
Board of Directors
- James H. Herbert, II
- Katherine August-deWilde
- Thomas J. Barrack, Jr.
- Frank J. Fahrenkopf, Jr.
- William E. Ford
- L. Martin Gibbs
- Sandra R. Hernández, M.D.
- Pamela J. Joyner
- Jody S. Lindell
- George C. Parker
- Roger O. Walther
James H. Herbert, II
66, Chairman, Chief Executive Officer (Founding), and Board Member
From 1980 to 1985, Mr. Herbert was Founding President, Chief Executive Officer and a director of San Francisco Bancorp. Mr. Herbert is a trustee of San Francisco Ballet Association (Chair and Co-Chair 2002-2008), and director of: Lincoln Center for the Performing Arts, Joyce Theater Association New York, San Francisco Film Society, and The BASIC Fund. B.S., 1966, Babson College; M.B.A., 1969, New York University.
Katherine August-deWilde
63, President, Chief Operating Officer and Board Member
Ms. August-deWilde has been a Bank executive since 1985 and President and COO since 2007. Previously she was Senior Vice President and Chief Financial Officer at PMI Group. She is a Trustee of the Boys & Girls Club of San Francisco, a member of the Advisory Council of the Center on Longevity and a member of the Clayman Institute for Gender Research at Stanford. A.B., 1969, Goucher College; M.B.A., 1975, Stanford University.
Thomas J. Barrack, Jr.
63, Board Member
Mr. Barrack is Founder & CEO of Colony Capital, LLC. Prior to the formation of Colony, Mr. Barrack was a principal with the Robert M. Bass Group and served in the Reagan administration as Deputy Undersecretary of the Department of the Interior. He currently serves on the board of Accor and has previously served on public company boards including Continental Airlines and Public Storage. B.A., 1969, University of Southern California; J.D., 1972, University of San Diego.
Frank J. Fahrenkopf, Jr.
71, Board Member
Mr. Fahrenkopf is President and CEO of the American Gaming Association. He is of counsel in the Washington, D.C. law firm of Hogan Lovells. He is Co-Chairman of the Commission on Presidential Debates. From 1983 to 1989, he was Chairman of the Republican National Committee. He is a director of Gabelli Dividend and Income Trust, Gabelli Equity Trust, Gabelli Utility Trust, Gabelli Global Multimedia Trust, and Gabelli Global Gold, Natural Resources and Income Trust. B.A., 1962, University of Nevada, Reno; L.L.B., 1965, University of California, Berkeley.
William E. Ford
49, Board Member
Mr. Ford is CEO of General Atlantic, a global growth equity firm, where he has worked since 1991. Mr. Ford currently serves on the board of directors at Markit and GETCO, and formerly served on the boards of NYSE Euronext, E*Trade, Priceline, NYMEX Holdings, and Computershare. Mr. Ford is actively involved in a number of not-for-profit organizations and serves as a Trustee of Amherst College, Rockefeller University, the New Museum of Contemporary Art, and the Collegiate School. B.A., 1983, Amherst College; M.B.A., 1987, Stanford Graduate School of Business.
L. Martin Gibbs
73, Board Member
Mr. Gibbs is currently an investor, who retired from his law practice on January 1, 2010. He previously represented First Republic from its inception through the end of 2009 and was a partner in the law firm of White & Case LLP, where he had a broad-based corporate legal practice with substantial experience in mergers and acquisitions, securitizations, real estate, private equity, and banking transactions. He graduated from Brown University with an A.B. degree in 1959 and Columbia University School of Law with a J.D. degree in 1962.
Sandra R. Hernández, M.D.
53, Board Member
Dr. Hernández has been CEO of The San Francisco Foundation since 1997. Under her leadership, it has grown to $1 billion and granted out over $900 million. She practices at San Francisco General Hospital’s AIDS clinic and is a director of Blue Shield of CA and The Bay Citizen, a member of the Federal Reserve Bank of San Francisco’s Economic Advisory Council, and the former director of Public Health, San Francisco. B.A., Yale University; M.D., Tufts; John F. Kennedy School of Government at Harvard University.
Pamela J. Joyner
53, Board Member
Ms. Joyner is a Founding Partner of Avid Partners LLC, strategic marketing consultant to alternative investment managers. Previously, Ms. Joyner led units at Bowman Capital Management LLC and was a senior executive at Capital Guardian Trust Company. She is a Director Emeritus of Dartmouth College, a member of the President’s Committee on the Arts and Humanities, was Co-Chair of San Francisco Ballet Association (2005-2008), and is a trustee of the California HealthCare Foundation. B.A., 1979, Dartmouth College; M.B.A., 1984, Harvard University; M.A., Honorary Degree, 2001, Dartmouth College.
Jody S. Lindell
59, Board Member
Ms. Lindell is President and CEO of S.G. Management Inc., an asset management company. She is a director of the Cooper Companies, and a member of its Audit and Compensation committees. She is also a director of PDL BioPharma and a member of its Audit and Compensation Committees. Until May 2000, Ms. Lindell was a partner with KPMG LLP. B.A., 1973, and M.B.A., 1975, Stanford University. Certified Public Accountant (inactive).
George G. C. Parker
71, Board Member
Mr. Parker is the Dean Witter Distinguished Professor of Finance, Emeritus, formerly Senior Associate Dean for Academic Affairs, Director of the MBA Program, and Director of Executive Education at the Graduate School of Business, Stanford University. He is a director of iShares Mutual Funds, Tejon Ranch Company and Colony Financial Company. B.A., 1960, Haverford College; M.B.A., Ph.D., 1967, Stanford University.
Roger O. Walther
75, Chairman Emeritus
Founding Chairman, continuing strong supporter, and friend of First Republic Bank. Mr. Walther is Chairman of Tusker Corporation, a real estate/business management company, director of The Charles Schwab Corporation, a Chancellor’s Associate and Member of the Audit Committee of the UCSF Foundation, and director of the St. Helena Hospital Foundation. B.S., 1958, United States Coast Guard Academy; M.B.A., 1961, Wharton School, University of Pennsylvania.
Service and Satisfaction
Our Clients Say It Best
Select any portrait to see how:
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Adelson Loria & Weisman, P.C.
-
Bill Bratton and Rikki Klieman
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Andretti, Humboldt and Peninsula Petroleum
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The Property And Casualty Initiative, LLC
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Robert and Cortney Novogratz
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Timothy Corrigan, Inc.
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Fraenkel Gallery
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Eiichiro Kuwana and Yumi Kuwana
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MAJ Development Corporation
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Lydia’s Flowers
-
Stephen Ross
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James McCullough and Michele Wiles
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Mann Gelon Glodney & Augenstein
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Chandler School
-
Stephen Oesterle, M.D. and Adrienne Oesterle
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Dale Laurance, Ph.D.
-
Mayfield Fund
-
Stribling & Associates
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Jim Plunkett and Gerry Plunkett
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Susan Phillips
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BTIG LLC
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Rick Caruso
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Dan Weinfurther and Tina Weinfurther
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N. Anthony Coles, M.D. and Robyn Coles
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Liam Patrick and Tricia Patrick
-
Eiichiro Kuwana and Yumi Kuwana
-
James McCullough and Michele Wiles
- Our Clients Say It Best
Stephen Oesterle, M.D.
Senior Vice President for Medicine and Technology
Medtronic, Inc.Adrienne Oesterle
Cardiovascular Nurse Specialist
Client Since: 1986“How many bankers know the names of your kids? These folks feel like family.”
- Banking Relationship
Stephen Oesterle, M.D.
Senior Vice President for Medicine and Technology
Medtronic, Inc.
Adrienne Oesterle
Cardiovascular Nurse SpecialistDr. Stephen Oesterle, a graduate of Harvard College who received his medical doctorate from Yale University, went on to develop and direct cardiology programs at Good Samaritan Hospital in Los Angeles, Georgetown University, Stanford University, and Massachusetts General Hospital in Boston.
Since 1986, First Republic has served the needs of Dr. and Mrs. Oesterle, demonstrating flexibility and innovative thinking. Whether doing business in person, by phone, or online, they have always felt their banker by their side. With a home loan 24 years ago, First Republic earned their trust. With seamless service in all locations, the Bank earned their
long-term loyalty.
- Our Clients Say It Best
Stribling & Associates
Elizabeth Stribling,
President
Client Since: 2008“First Republic goes beyond
the professional business relationship and makes you feel at home.” - Banking Relationship
Elizabeth Stribling,
President, Stribling & AssociatesElizabeth Stribling established Stribling & Associates, one of the top residential real estate firms in New York, in 1980. The firm now reports annual volume in excess of $1 billion. Delivery of consistent service and a client-friendly approach to transactions have contributed to the company’s considerable success. And the same thing can be said of their bank. First Republic’s unique approach to client service and its extensive range of products—which include customized residential lending, private banking and business banking—engender considerable client loyalty and make the lives of busy executives a little bit easier.
- Our Clients Say It Best
Andretti, Humboldt and Peninsula Petroleum
Mario Andretti
Co-Owner; World Champion Racing Legend (right)
Michael Andretti
Co-Owner; Champion Driver/Team Owner (left)
Client Since: 2003“There is always a single point of contact no matter what you need. And that point of contact–your banker–is the center of a winning team.”
- Banking Relationship
Mario Andretti
Co-Owner; World Champion Racing Legend (right)
Michael Andretti
Co-Owner; Champion Driver/Team Owner (left)Considered by many to be the greatest race car driver in the history of the sport, Mario Andretti is a racing icon. Mario, his son Michael (the winningest driver in CART history) and Michael’s son Marco (once the youngest winner of a major open-wheel racing event) represent three generations of a non-stop winning tradition. Personal relationships mean everything to the Andrettis and First Republic’s “can-do” attitude is a key reason behind their 7-year relationship with the Bank.
- Our Clients Say It Best
Stephen Ross
Chairman, Chief Executive Officer and Founder
Related Companies
Client Since: 2007“I’ve been banking with First Republic for several years now and they keep getting better.”
- Banking Relationship
Stephen Ross
Chairman, Chief Executive Officer and Founder,
Related CompaniesStephen Ross is Chairman, Chief Executive Officer and Founder of Related Companies, one of the most prominent real estate development companies in the country, and majority owner of the Miami Dolphins and Sun Life Stadium. His company employs over 2000 professionals and he is committed to surrounding himself with the brightest people possible. His choice of First Republic Bank for personal and business banking is consistent with his extraordinary commitment to excellence. And that consistent quest for excellence is just one reason he was recently named the most powerful person in New York real estate.
- Our Clients Say It Best
Bill Bratton
Chairman
Kroll (an Altegrity company)Rikki Klieman
Television Legal Analyst, Attorney, Author
Client Since: 2005“The mortgage process was a pleasure. They bent over backwards to guide us every step of the way. We could not ask for better treatment.”
- Banking Relationship
Bill Bratton
Chairman, Kroll (an Altegrity company)
Rikki Klieman
Television Legal Analyst, Attorney, AuthorBill Bratton has a distinguished career in law enforcement, having served as Boston Police Commissioner, New York City Police Commissioner and Chief of Police of the Los Angeles Police Department over the years. In 2009, he accepted a position with Altegrity, where he now consults on security worldwide. Bill and his wife, Rikki Klieman, a trial attorney, television legal analyst and best selling author, are a dynamic couple with very little time for banking details. They know that First Republic will make banking seamless and easy for them—whether in Boston, Los Angeles or New York or anywhere else their travels might take them.
- Our Clients Say It Best
Dale Laurance, Ph.D.
Owner / Principal
Laurance Enterprises, LLC
Client Since: 2010“In my view, First Republic’s banking and wealth management services are best in class.”
- Banking Relationship
Dale Laurance, Ph.D.
Owner / Principal, Laurance Enterprises, LLCWith roots in chemical engineering, Dale Laurance has built a distinguished career as a corporate leader in the petroleum industry for almost 30 years, 21 of which were at Occidental Petroleum where he retired as President and Director in 2004. He now runs his own private advisory services company, is a director of several companies and is involved in many Los Angeles area volunteer activities. His accumulated wealth represents many years of hard work. And his decision to move his banking and wealth management to First Republic was based on quality of service, well-designed products, simplicity and responsiveness.
- Our Clients Say It Best
Adelson Loria &
Weisman, P.C.Martin Loria
Founder / Partner (left)
Stephen Adelson
Founder / Partner (center)
Lisa Weisman
Founder / Partner (right)
Client Since: 2006“When this bank says ‘it’s a privilege to serve you,’ they clearly mean it. Their personal service is remarkable.”
- Banking Relationship
Martin Loria
Founder / Partner (left), Adelson Loria & Weisman, P.C.
Stephen Adelson
Founder / Partner (center)
Lisa Weisman
Founder / Partner (right)Adelson Loria & Weisman concentrates on all aspects of real estate law with a focus on residential, commercial, and industrial transactions. They pride themselves on providing personal and efficient service, much like First Republic. Also like First Republic, they are able to move quickly and thoughtfully to deliver the appropriate solution to their clients. They particularly appreciate the Bank’s in-depth knowledge and professionalism it brings to the tasks at hand.
- Our Clients Say It Best
N. Anthony Coles, M.D.
President, Chief Executive Officer and Director
Onyx Pharmaceuticals, Inc.Robyn Coles
Community Volunteer
Client Since: 2010“Whatever we need, this is a
bank that makes things happen.” - Banking Relationship
N. Anthony Coles, M.D.
President, Chief Executive Officer and Director
Onyx Pharmaceuticals, Inc.
Robyn Coles
Community VolunteerDr. N. Anthony Coles, a cardiovascular specialist and accomplished healthcare executive, relocated to San Francisco with his wife Robyn when he joined Onyx Pharmaceuticals three years ago. They were looking for a bank with an excellent level of service to help them finance their new home. Friends recommended First Republic. They soon discovered that home lending is the bedrock of First Republic and they were able to choose from a variety of products to meet their needs.
- Our Clients Say It Best
Mayfield Fund
Navin Chaddha
Managing Director (left)
James Beck
Managing Director (right)
Client Since: 2003“First Republic works with our partners and provides services to our funds. They are exceptional at anticipating our needs.”
- Banking Relationship
Navin Chaddha
Managing Director (left), Mayfield Fund
James Beck
Managing Director (right)Mayfield Fund is a 42-year-old venture capital firm with $2.7 billion under management. Their team of professionals combines a global perspective with a hands-on approach, partnering with entrepreneurs to maximize success. Their vision of curiosity, financial strength and commitment has helped to create some of the most familiar names in business. That vision is shared by First Republic, which also values financial strength, relationships and “outside-the-box” thinking. Perhaps that is why First Republic matches so well with Mayfield Fund, and with so many other venture capital and private equity firms around the country.
- Our Clients Say It Best
Rick Caruso
Chief Executive Officer
Caruso Affiliated
Client Since: 1994“First Republic is a respected financial institution with an entrepreneurial spirit.”
- Banking Relationship
Rick Caruso
Chief Executive Officer, Caruso AffiliatedRick Caruso is an extraordinary businessman and compassionate member of the community. He is CEO of Caruso Affiliated, a real estate company known for developing regional retail centers and mixed-use properties of exceptional quality. Named “Developer of the Year” by the Los Angeles Business Journal, Rick is a past President of the LA Police Commission and the youngest commissioner in the history of Los Angeles when he was President of the Los Angeles Department of Water & Power. He is a successful entrepreneur who appreciates professionalism and entrepreneurship in his many business encounters. Those are just two of the many reasons he chose First Republic as his bank.
- Our Clients Say It Best
James McCullough
Chief Executive Officer
Exosome DiagnosticsMichele Wiles
Principal Dancer, American Ballet Theatre
Client Since: 2008“When my business was growing, I received an Eagle Loan from First Republic. I can’t imagine a more thoughtfully structured product–the First Republic banking team was critical to my success.”
- Banking Relationship
James McCullough
Chief Executive Officer, Exosome Diagnostics
Michele Wiles
Principal Dancer, American Ballet TheatreJames McCullough is one of the founders of Exosome Diagnostics, a company on the cutting edge of advanced cancer detection and treatment. When he needed quick financing for a special project several years ago, he applied for an Eagle One small business loan. Within 48 hours he had an approval, allowing him to quickly move forward and get on with his business. James, as CEO of a high-technology biotech company, and his wife Michele, with over 19 years of classical ballet training and performing, both demand professional excellence. And they fully appreciate the same level of excellence in their personal and business banking.
- Our Clients Say It Best
Fraenkel Gallery
Jeffrey Fraenkel
President
Frish Brandt
Director
Client Since: 1996“From personal banking to business banking to brokerage–First Republic’s absolute attentiveness to clients makes them unique.”
- Banking Relationship
Jeffrey Fraenkel
President, Fraenkel Gallery
Frish Brandt
Director
Since 1979, Jeffrey Fraenkel has developed his gallery into the West Coast’s preeminent showplace for photography in all its forms. Fraenkel Gallery has presented almost 300 museum-quality exhibitions spanning the medium’s history from early masters to present day. Partner and Director Frish Brandt has overseen a wide range of exhibitions and publications since the early 1980s and has contributed significantly to the Gallery’s extensive reputation. First Republic’s wide array of integrated products and services—including personal banking, business banking and brokerage—has met the many needs of these very busy individuals.
- Our Clients Say It Best
MAJ Development Corporation
Michael Jenkins
President
(Pictured with his wife Jennifer and their three daughters)
Client Since: 2008“Remote Deposit is the perfect service for our business. We deposit checks right from our offices and save time–and our sanity.”
- Banking Relationship
Michael Jenkins
President, MAJ Development Corporation
Michael Jenkins founded and owns MAJ Development Corporation, a company focused on the development of sites in the northwest for several nationally known tenants. His company handles a large volume of checks that can be deposited right from their offices via First Republic Remote Deposit. It’s a highly secure way of getting timely credit for deposits while saving considerable time. This product, together with the Bank’s unique brand of relationship banking, helps Mike run his business efficiently so that he has more time free for his family, which is his best investment of all.
- Our Clients Say It Best
Chandler School
John Finch
Head of School
Client Since: 2009“First Republic completed a tax-exempt loan for us that was state of the art. They know what works best for non-profits.”
- Banking Relationship
John Finch
Head of School
For over 50 years, Chandler School, an independent primary and middle school, has championed self-esteem and personal responsibility. It is a place where character is valued and where there is more than one way to teach and learn. They chose First Republic because it also is not a “typical” place of business. First Republic has a dedicated staff of non-profit and independent school experts who value flexibility and who always strive to identify the best solutions in an environment of fast-paced change. Our new tax-exempt financing for non-profits to put toward renovation and new construction was a perfect fit for Chandler School.
- Our Clients Say It Best
BTIG LLC
Kevin Chessen
Co-Founder (left)
Scott Kovalik
Co-Founder (right)
Steven Starker
Co-Founder (center)
Client Since: 2002“First Republic is not a typical bank—it’s a bank that truly cares about each of its clients.”
- Banking Relationship
Kevin Chessen, Co-Founder (left), BTIG LLC
Scott Kovalik, Co-Founder (right)
Steven Starker, Co-Founder (center)BTIG, an institutional brokerage and fund services company, offers order execution, prime brokerage, outsource trading, and other services to investment managers of mutual funds and hedge funds. With offices in 14 cities, including San Francisco, New York, Los Angeles, Greenwich, Boston and affiliates in London, Hong Kong, Singapore and Sydney, BTIG requires a seamless banking experience and a dedicated team that is easily accessible and responsive. BTIG has been banking with First Republic since the company’s inception and they have remained with the Bank throughout BTIG’s considerable growth from 5 to 400 employees worldwide.
- Our Clients Say It Best
Timothy Corrigan, Inc.
Timothy Corrigan
Principal
Client Since: 2004“We do hundreds of currency exchanges every year and
First Republic gets us great rates. They always have our
best interests at heart.” - Banking Relationship
Timothy Corrigan
Principal, Timothy Corrigan, Inc.Named by Architectural Digest as one of the
world’s top interior designers, Timothy
Corrigan’s work is showcased in some of the most extraordinary properties around the
globe. His clients include European royalty, Hollywood celebrities, and corporate leaders, and he travels around the world collecting antiques and finding extraordinary furnishings. He works with suppliers in 12 different countries and maintains offices in Paris and
Los Angeles so effective currency exchange is paramount. First Republic’s Foreign Exchange services help Timothy stabilize prices in an unstable market and maximize the return on his funds wherever he may be.
- Our Clients Say It Best
The Property and Casualty Initiative, LLC
Stacey Townsend
President and Chief Executive Officer
Client Since: 2008“First Republic is phenomenal. I am a former banker–and I know.”
- Banking Relationship
Stacey Townsend
President and Chief Executive Officer
The Property and Casualty Initiative, LLCIn 1999, thirteen Massachusetts-based property and casualty insurance companies established the Property and Casualty Initiative (PCI). Its purpose is to promote economic development by providing loans to low income residents and communities across the Commonwealth. With a background of over 20 years in various lending and management positions, Stacey Townsend was recruited to organize and manage PCI. Functioning as President, CEO and CFO, Stacey does much of her banking online and First Republic’s sophisticated online cash management system allows her to manage financial transactions efficiently and confidently.
- Our Clients Say It Best
Mann Gelon Glodney & Augenstein
Certified Public Accountants, A Professional Corporation
(left to right)
Steven Glodney, CPA
Steven Gelon, CPA
Eva Yee, CPA
Mark Augenstein, CPA
Robert Mann, CPA
Barry Gumerove, CPA, CFE
Principals
Client Since: 2003“First Republic provides the highest level of personal service and is always there when you need them.”
- Banking Relationship
(left to right)
Steven Glodney, CPA
Steven Gelon, CPA
Eva Yee, CPA
Mark Augenstein, CPA
Robert Mann, CPA
Barry Gumerove, CPA, CFE
PrincipalsEstablished in 1967, Mann Gelon Glodney & Augenstein has enjoyed continuous growth for over 40 years. Service and thoughtful counsel are what differentiate them from other accounting firms. Much like First Republic, they value long-standing relationships and maintain an outstanding staff of highly trained professionals. Because of these shared values, MGG&A recommends First Republic’s personal and business banking services to many of their clients, knowing these clients will be well served in a personal and responsive way.
- Our Clients Say It Best
Dan Weinfurther
President, Executive Search
Reed Jonas & LeeTina Weinfurther
President, Benchmarx Solutions
Board Member, The First Tee of San Francisco
Client Since: 1987“The amazing relationship with the banking team over all these years has recently led us to become satisfied brokerage clients too.”
- Banking Relationship
Dan Weinfurther
President, Executive Search
Reed Jonas & Lee
Tina Weinfurther
President, Benchmarx Solutions
Board Member, The First Tee of San Francisco
Since 1987, First Republic Bank has helped the Weinfurthers prepare for a life where they can golf and contribute to the community in addition to their busy work schedules. Dan runs an executive search business and Tina has a consulting business and is active in The First Tee, a youth program that develops life-enhancing values through character education and golf. Prudent management of funds has helped the Weinfurthers accumulate the resources needed to lead a very balanced lifestyle.
- Our Clients Say It Best
Liam Patrick
Managing Director and Head of M&A
Fireman Capital PartnersTricia Patrick
Vice President
Bain Capital
Client Since: 2010“First Republic has been our trusted advisor. They are on our side, always looking out for us.”
- Banking Relationship
Liam Patrick
Managing Director and Head of M&A
Fireman Capital Partners
Tricia Patrick
Vice President, Bain Capital
Liam and Tricia Patrick met at Harvard Business School and married two years later. When they decided to buy their first home, they looked to First Republic to make the mortgage process simple and stress-free. With established careers in private equity, Liam and Tricia wanted a bank that could guide them intelligently, without bureaucracy. First Republic’s knowledge in the home lending business and its ability to move quickly were extremely valuable to them, and the Bank’s extensive array of deposit and lending products has been well suited to their evolving needs.
- Our Clients Say It Best
Susan Phillips
Retiree/Educator, Founder
Susan Phillips Day School
Client Since: 2007“When the people at First Republic say something is going to be done at a certain time, it’s done.”
- Banking Relationship
Susan Phillips
Retiree / Educator, Founder
Susan Phillips Day School
Susan Phillips is a strong woman who knows her own mind. A kindergarten teacher for 35 years, Susan founded the Susan Phillips Day School to further quality education. When Susan decided to build her own home, she found property in Newport Beach. When Susan needed help in a hurry to update her old trust, First Republic Trust Company quickly got the ball rolling. No matter what the need, Susan appreciates the support she consistently receives from her team of bankers, wealth advisors and trust professionals.
- Our Clients Say It Best
Eiichiro Kuwana
President and Founding Principal,
Cook Pine Capital LLCYumi Kuwana
Managing Director and Founding Principal,
Cook Pine Capital LLC
Client Since: 2006“We were delighted with First Republic’s mortgage process–in fact, we’re happy with every part of the Bank. Everyone on the team pulls together.”
- Banking Relationship
Eiichiro Kuwana
President and Founding Principal,
Cook Pine Capital LLC
Yumi Kuwana
Managing Director and Founding Principal,
Cook Pine Capital LLCIn 2005, Eiichiro and Yumi Kuwana leveraged their extensive financial market experience to found Cook Pine Capital, an investment management firm that advises ultra-high net worth clients around the world. A year later, they began their relationship with First Republic and now have a deposit and lending relationship with the Bank.
- Our Clients Say It Best
Robert and Cortney Novogratz
Founders and Owners,
NOVOGRATZ
(Pictured with their children)
Client Since: 2004“First Republic is a big bank with small town values. We love their personal touch.”
- Banking Relationship
Robert and Cortney Novogratz
Founders and Owners, NOVOGRATZRobert and Cortney Novogratz have spent the last 12 years buying distressed houses and renovating them in a style they call “vintage nouveaux.” They have developed and designed many unique properties in Manhattan and have turned funky into fabulous, with the utmost taste. First Republic is proud to bank this innovative couple and provide them with lending support for their various
design projects.
- Our Clients Say It Best
Lydia's Flowers
Lydia Chan
Owner
Client Since: 1990“First Republic provides me with very friendly and caring service.”
- Banking Relationship
Lydia Chan
Owner, Lydia's FlowersLydia Chan runs a creative floral business in San Francisco. Exceptional service sets her business apart from many other florists in the Bay Area. That is why she came to First Republic over 20 years ago—knowing that the same personal approach to client service sets this bank apart from others too. First Republic takes great pride in helping many small businesses around the country, and the Bank has developed a full array of business banking products to meet the growing needs of successful small businesses and their very entrepreneurial owners.
- Our Clients Say It Best
Jim Plunkett
Former NFL Quarterback and Heisman Trophy Winner
Gerry Plunkett
Dedicated Mother and Golf Enthusiast
Client Since: 2007“We came to First Republic for a home loan and discovered they are championship quality at everything they do.”
- Banking Relationship
Jim Plunkett
Former NFL Quarterback and Heisman Trophy Winner
Gerry Plunkett
Dedicated Mother and Golf EnthusiastA Heisman Trophy winner, Jim Plunkett played college football as a quarterback for Stanford University and continued on to an accomplished professional football career. Before retiring as a player in 1986, he played professionally for three NFL teams and led the Oakland Raiders to two Super Bowl victories. He knows what it means to be a champion player and chose his bank for that same ongoing commitment to excellence.
Office Locations
Northern California
San Francisco
- 101 Pine Street
(at Front Street)
San Francisco, California 94111
(415) 392-1400; (800) 392-1400 - One Embarcadero Center Street Level (at Front Street)
San Francisco, California 94111
(415) 398-8880 - 44 Montgomery Street
(at Sutter)
San Francisco, California 94104
(415) 392-3888 - 1088 Stockton Street
(at Jackson)
San Francisco, California 94108
(415) 834-0888 - 2001 Van Ness
(at Jackson)
San Francisco, California 94109
(415) 447-0888 - 653 Irving
(at 8th Avenue)
San Francisco, California 94122
(415) 564-8881 - 3533 California Street
(in Laurel Village)
San Francisco, California 94118
(415) 831-6688 - 279 West Portal Avenue
(at 14th Avenue)
San Francisco, California 94127
(415) 504-8799 - The Presidio of San Francisco
210 Lincoln Boulevard
(next to Post Office)
San Francisco, California 94129
(415) 561-2988 - 1809 Irving
(at 19th Avenue)
San Francisco, California 94122
(415) 664-0888 - 5628 Geary Boulevard
(between 20th & 21st Avenues)
San Francisco, California 94121
(415) 751-3888
Moving Summer 2011 to
6001 Geary Boulevard
(at 24th Avenue)
San Francisco, California 94121
Northern California
San Francisco Peninsula
- 139 South El Camino Real
(at Murchison)
Millbrae, California 94030
(650) 692-6880 - 1155 California Drive
(at Broadway)
Burlingame, California 94010
(650) 579-2888 - 1111 South El Camino Real
(at 12th Avenue)
San Mateo, California 94402
(650) 571-8388; (888) 571-8388 - 776 El Camino Real
(at Broadway)
Redwood City, California 94063
(650) 216-8883 - 1215 El Camino Real
(at Oak Grove)
Menlo Park, California 94025
(650) 470-8888; (888) 907-6888 - 2550 Sand Hill Road, Suite 100
(at Monte Rosa Drive)
Menlo Park, California 94025
(650) 233-8880 - 2275 El Camino Real
(at Cambridge)
Palo Alto, California 94306
(650) 329-8883; (866) 818-8883 - 400 South San Antonio Road
(at Lyell)
Los Altos, California 94022
(650) 559-8810; (877) 838-8989 - 1625 The Alameda, Suite 100
(at Taylor Street)
San Jose, California 95126
(408) 999-0242 - 275 Los Gatos Saratoga Road
(at San Benito Avenue)
Los Gatos, California 95030
(408) 395-2235
Northern California
San Francisco East Bay
- 2110 Mountain Boulevard
(at Merced Avenue in Montclair)
Oakland, California 94611 (Opening Summer 2011) - 1400 Civic Drive
(at Broadway)
Walnut Creek, California 94596
(925) 256-6857 - 224 Brookwood Road
(at Camino Pablo)
Orinda, California 94563
(925) 254-8993 - 3130 Crow Canyon Place
(at Crow Canyon Road)
San Ramon, California 94583
(925) 866-1414 - 680 Hartz Avenue
(at Railroad Avenue)
Danville, California 94526
(925) 820-1777 - 249 Main Street
(at Old Bernal Avenue)
Pleasanton, California 94566
(925) 846-8811 - 211 South J Street
(at 2nd Street)
Livermore, California 94550
(925) 373-3811
Northern California
Marin County
- 1218 Strawberry Village
(at Redwood Highway Frontage Road)
Mill Valley, California 94941
(415) 389-0880 - 1099 Fourth Street
(at A Street)
San Rafael, California 94901
(415) 485-3888; (800) 700-0388
Northern California
Sonoma County
- 640 Third Street
(at D Street)
Santa Rosa, California 95404
(707) 544-8881; (888) 492-0888
Northern California
Napa County
- 999 Adams Street
(at Railroad Avenue)
St. Helena, California 94574
(707) 968-0988 - 1753 Trancas Street
(at California)
Napa, California 94558
(707) 254-8600
Southern California
Los Angeles
- 1888 Century Park East
(north of Olympic)
Los Angeles, California 90067
(310) 712-1888; (877) 743-7777 - 9593 Wilshire Boulevard
(at Dayton Way)
Beverly Hills, California 90212
(310) 288-0777; (800) 311-0777 - 901 West 7th Street
(at Figueroa)
Los Angeles, California 90017
(213) 239-8883 - 431 Wilshire Boulevard
(at 5th Street)
Santa Monica, California 90401
(310) 393-8889 - 11770 San Vicente Boulevard
(at Gorham Ave. in Brentwood)
Los Angeles, California 90049
(310) 820-1820 - 12070 Ventura Boulevard
(at Laurel Canyon Boulevard)
Studio City, California 91604
(818) 752-4777
Southern California
Santa Barbara
- 18 W. Canon Perdido
(at Chapala)
Santa Barbara, California 93101
(805) 560-6883; (888) 899-8899
Southern California
Palm Desert
- 73-010 El Paseo
(at Highway 74)
Palm Desert, California 92260
(760) 776-8882
Southern California
Newport Beach
- 3991 MacArthur Boulevard
Suite 300 (at Bowsprit)
Newport Beach, CA 92660
(949) 756-8828; (888) 339-3088 - 2800 East Coast Highway
(at Goldenrod)
Corona del Mar, CA 92625
(949) 721-0988
Southern California
San Diego County
- 1110 Camino Del Mar
(north of 11th Street)
Del Mar, California 92014
(858) 755-5600; (800) 221-9333 - 116 East Grand Avenue
(at Broadway)
Escondido, California 92025
(760) 740-7000 - 12626 High Bluff Drive,
Suite 400
San Diego, California 92130
(858) 259-2795 - 8347 La Mesa Boulevard
(at 3rd Street)
La Mesa, California 91942
(619) 462-6700 - 1200 Prospect Street
La Jolla, California 92037
(858) 454-8883; (888) 648-8878
Connecticut
- 56 Mason Street
(at Amogerone Crossway)
Greenwich, Connecticut 06830
(203) 422-0818; (866) 810-8918
Massachusetts
- 160 Federal Street
(at High Street)
Boston, Massachusetts 02110
(617) 330-1288; (866) 810-8919 - 772 Boylston Street
(at Mandarin Oriental Hotel)
Boston, Massachusetts 02199
(617) 859-8888
New Hampshire
- Lending Office 130 Main Street, Suite 206A
Salem, New Hampshire 03079
(603) 893-8875; (866) 780-8808
New York
- Rockefeller Center 1230 Avenue of the Americas (at 48th Street)
New York, New York 10020
(212) 459-9000; (877) 486-6700 - 320 Park Avenue
(at 51st Street)
New York, New York 10022
(212) 486-8882 - Time Warner Center
10 Columbus Circle
New York, New York 10019
(212) 331-0088; (866) 309-8080 - 2160 Broadway
(at 76th Street)
New York, New York 10024
(212) 580-8588 - 148 E. 79th Street
(at Lexington)
New York, New York 10075
(212) 288-6888 - 442 6th Avenue
(at 10th Street)
New York, New York 10011 (Opening Winter 2011) - 80 Broad Street
(at Stone)
New York, New York 10004
(212) 742-8488
Oregon
- 947 SW Broadway
(at SW Salmon Street)
Portland, Oregon 97205
(503) 525-8800
2010 Financial Summary
Consolidated Statement of Income
$ in thousands, except per share amounts
| Six months ended December 31, 2010 | ||
| Interest income: | ||
| Interest on real estate and other loans | $535,245 | |
| Interest on investments and cash equivalents | 11,562 | |
| Total interest income | 546,807 | |
| Interest expense: | ||
| Interest on customer deposits | 45,116 | |
| Interest on FHLB advances and other borrowings | 7,648 | |
| Interest on subordinated notes | 1,173 | |
| Total interest expense | 53,937 | |
| Net interest income | 492,870 | |
| Provision for credit losses | 18,809 | |
| Net interest income after provision for credit losses | 474,061 | |
| Noninterest income: | ||
| Investment advisory fees | 17,609 | |
| Brokerage and investment fees | 5,126 | |
| Trust fees | 2,999 | |
| Deposit customer fees | 7,307 | |
| Loan servicing fees, net | (1,686) | |
| Loan and related fees | 1,564 | |
| Gain on sale of loans | 4,833 | |
| Income from investments in life insurance | 4,071 | |
| Other income | 4,617 | |
| Total noninterest income | 46,440 | |
| Noninterest expense: | ||
| Salaries and related benefits | 130,750 | |
| Occupancy | 30,569 | |
| Information systems | 20,715 | |
| Advertising and marketing | 11,588 | |
| Professional fees | 11,267 | |
| FDIC and other deposit assessments | 16,644 | |
| Amortization of intangibles | 12,303 | |
| Divestiture-related expenses | 13,768 | |
| Other expenses | 31,632 | |
| Total noninterest expense | 279,236 | |
| Income before provision for income taxes | 241,265 | |
| Provision for income taxes | 96,507 | |
| Net income before noncontrolling interests | 144,758 | |
| Less: Net income from noncontrolling interests | 2,396 | |
| First Republic Bank Net Income | $142,362 | |
| Basic earnings per common share | $1.14 | |
| Diluted earnings per common share | $1.12 | |
| Weighted average basic shares outstanding | 124,621 | |
| Weighted average diluted shares outstanding | 126,776 | |
| See notes to consolidated financial statements in our Annual Report on Form 10-K. | ||
2010 Financial Summary
Consolidated Balance Sheet
$ in thousands
Assets
| December 31, 2010 | July 1, 2010 | |
| Cash and cash equivalents | $ 1,528,075 | $ 2,297,920 |
| Investment securities: | ||
| Investment securities available-for-sale | 75,602 | — |
| Investment securities held-to-maturity | 1,017,402 | 3,562 |
| Total investment securities | 1,093,004 | 3,562 |
| Loans: | ||
| Single family (1-4 units) | 11,493,879 | 10,904,427 |
| Home equity lines of credit | 1,755,556 | 1,718,805 |
| Commercial real estate | 2,175,256 | 2,076,411 |
| Multifamily (5+ units) | 1,993,317 | 1,830,358 |
| Single family construction | 168,336 | 182,045 |
| Multifamily/commercial construction | 115,169 | 162,765 |
| Commercial business loans | 1,220,863 | 845,681 |
| Other secured | 167,354 | 179,578 |
| Unsecured loans and lines of credit | 113,773 | 102,001 |
| Stock secured | 24,612 | 25,367 |
| Total loans | 19,228,115 | 18,027,438 |
| Less: | ||
| Net unaccreted discount | (679,050) | (763,322) |
| Net deferred costs | 1,435 | — |
| Allowance for loan losses | (18,809) | — |
| Loans, net | 18,531,691 | 17,264,116 |
| Loans held for sale | 51,126 | 27,732 |
| Investments in life insurance | 391,750 | 2,540 |
| Prepaid expenses and other assets | 502,410 | 365,531 |
| Premises, equipment and leasehold improvements, net |
97,051 | 97,197 |
| Goodwill | 24,604 | 24,604 |
| Other intangible assets | 157,297 | 169,600 |
| Other real estate owned | 625 | 930 |
| Total Assets | $ 22,377,633 | $ 20,253,732 |
| See notes to consolidated financial statements in our Annual Report on Form 10-K. | ||
Liabilities and Equity
| December 31, 2010 | July 1, 2010 | |
| Liabilities: | ||
| Customer deposits: | ||
| Noninterest-bearing accounts | $3,056,515 | $2,485,052 |
| NOW checking accounts | 2,757,319 | 2,108,723 |
| Money Market (MM) checking accounts | 2,767,826 | 2,557,304 |
| MM savings and passbooks | 4,821,262 | 4,630,745 |
| Certificates of deposit | 5,832,827 | 6,134,202 |
| Total customer deposits | 19,235,749 | 17,916,026 |
| Federal Home Loan Bank advances and other borrowings |
625,471 | 163,507 |
| Subordinated notes | 68,374 | 69,672 |
| Other liabilities | 223,283 | 161,963 |
| Total Liabilities | 20,152,877 | 18,311,168 |
| Equity: | ||
| First Republic Bank stockholders' equity: | ||
| Common stock, $0.01 par value per share; 128,858,334 shares and 124,133,334 shares issued and outstanding |
1,289 | 1,241 |
| Additional paid–in capital | 1,994,457 | 1,859,921 |
| Retained earnings | 142,362 | (5,168) |
| Accumulated other comprehensive income, net |
78 | — |
| Total First Republic Bank stockholders' equity |
2,138,186 | 1,855,994 |
| Noncontrolling interests | 86,570 | 86,570 |
| Total Equity | 2,224,756 | 1,942,564 |
| Total Liabilities and Equity | $22,377,633 | $20,253,732 |
| See notes to consolidated financial statements in our Annual Report on Form 10-K. | ||
2010 Financial Summary
Condensed Consolidated Statement of Changes in Equity
$ in thousands
| Six months ended December 31, 2010 | |
| Beginning balance | $ 86,570 |
| Issuances of common stock, net | 1,970,763 |
| Stock option compensation expense | 24,983 |
| Other comprehensive income, net of tax | 78 |
| Net income | 142,362 |
| Ending balance | $ 2,224,756 |
| See notes to consolidated financial statements in our Annual Report on Form 10-K.
|
|
First Republic StockFirst Republic's Common Stock is traded on the New York Stock Exchange under the symbol FRC. At December 31, 2010, there were approximately 115 stockholders of record, although the Bank believes that its shares are held beneficially by more than 3,000 stockholders. The Series D Preferred Shares of First Republic Preferred Capital Corporation are traded on the NASDAQ under the symbol FRCCO. |
2010 Financial Summary
Additional Information and Where to Find it
In accordance with the Securities Exchange Act of 1934 (the "Exchange Act"), First Republic files annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements for the annual meeting of shareholders and other information with the FDIC, copies of which are available in the Investor Relations section of our website at http://www.firstrepublic.com or upon written or telephone request to us at the following address: First Republic Bank Investor Relations, 111 Pine Street, San Francisco, CA 94111, (415) 392-1400.
Forward-looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this document that are not historical facts are hereby identified as "forward-looking statements" for the purposes of the safe harbor provided by Section 21E of the Exchange Act. Any statements about our expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as "anticipate," "believes," "can," "could," "may," "predicts," "potential," "should," "will," "estimate," "plans," "projects," "continuing," "ongoing," "expects," "intends" and similar words or phrases. Accordingly, these statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed in them. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to: our ability to compete for banking and wealth management customers; earthquakes and other natural disasters; changes in interest rates; the interests of our significant investors; our ability to maintain high underwriting standards; our ability to maintain our reputation and customer satisfaction; economic conditions in our markets; regulatory restrictions on our operations; conditions in financial markets and economic conditions generally; legal action by our customers; terrorist attacks in our markets; the effects of the Dodd-Frank Wall Street Reform and Consumer Protection Act; our ability to manage our growth; the loss of larger customers; the availability of credit in the mortgage market; conditions in the commercial real estate and construction markets; our ability to sell loans in the secondary market; our increased lending to businesses; management's selection of accounting methods and assumptions and estimates; the adequacy of our allowance for loan losses; our ability to attract and retain key personnel; the soundness of other financial institutions; the reliability of our vendors, internal control systems, and information systems; the accuracy and completeness of information about our clients and counterparties; the value of our goodwill and intangible assets; our liquidity position; review of our tax strategies or filing positions; the qualification of certain of our subsidiaries as real estate investment trusts; future legislative or regulatory changes affecting the banking and investment management industries; and increases in FDIC insurance premiums.
For a discussion of these and other risks and uncertainties, see the risk factors in our 2010 Annual Report on Form 10-K and any subsequent reports filed by First Republic uder the Exchange Act. These filings are available in the Investor Relations section of our website. All forward- looking statements are necessarily only estimates of future results, and there can be no assurance that actual results will not differ materially from expectations, and, therefore, you are cautioned not to place undue reliance on such statements. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.
Private Wealth Management
First Republic Securities Company
- 111 Pine Street
(at Front)
San Francisco, California 94111
(415) 296-5888; (877) 348-5576 - Rockefeller Center 1230 Avenue of the Americas (at 48th Street)
New York, New York 10020
(877) 348-5576 - 1888 Century Park East
(north of Olympic)
Los Angeles, California 90067
(310) 407-7036; (877) 348-5576 - 3991 MacArthur Boulevard
Suite 300 (at Bowsprit)
Newport Beach, California 92660 (949) 756-8828; (888) 339-3088 - 12626 High Bluff Drive
Suite 400
San Diego, California 92130
(858) 259-2795 - 160 Federal Street
(at High Street)
Boston, Massachusetts 02110
(617) 330-1288; (866) 810-8919
First Republic Trust Company
- 111 Pine Street
(at Front)
San Francisco, California 94111
(415) 392-1400; (800) 392-1400 - Rockefeller Center 1230 Avenue of the Americas (at 48th Street)
New York, New York 10020
(212) 459-9000; (877) 486-6700 - 1888 Century Park East
(north of Olympic)
Los Angeles, California 90067
(310) 407-7170; (877) 348-5553 - 2275 El Camino Real
(at Cambridge)
Palo Alto, California 94306
(650) 470-8845; (866) 818-8883 - 7229 W. Sahara Ave, Suite 105
Las Vegas, Nevada 89117
(702) 892-7942; (888) 216-6888 - 947 SW Broadway
Portland, Oregon 97205
(503) 525-8800; (888) 848-3680
First Republic Investment Management
- 111 Pine Street
(at Front Street)
San Francisco, California 94111
(415) 288-1400; (800) 257-4414 - Rockefeller Center 1230 Avenue of the Americas (at 48th Street)
New York, New York 10020
(212) 759-7755; (800) 775-0604 - 160 Federal Street
(at High Street)
Boston, Massachusetts 02110
(617) 330-1288; (866) 810-8919 - 1888 Century Park East
(north of Olympic)
Los Angeles, California 90067
(310) 712-1888; (877) 743-7777 - 111 West Micheltorena Street,
Suite 210
Santa Barbara, California 93101
(805) 963-5963; (800) 677-0953 - 2275 El Camino Real
(at Cambridge)
Palo Alto, California 94306
(650) 329-8883; (866) 818-8883 - 3991 MacArthur Boulevard
Suite 300 (at Bowsprit)
Newport Beach, California 92660 (949) 756-8828; (888) 339-3088 - 12626 High Bluff Drive,
Suite 400
San Diego, California 92130
(858) 259-2795 - 745 Fort Street Mall,
Suite 1202
Honolulu, Hawaii 96813
(808) 524-4477; (866) 524-4477 - Two Union Square
601 Union Street, Suite 4200
Seattle, Washington 98101
(206) 624-8886; (866) 888-9797 - 947 SW Broadway
Portland, Oregon 97205
(503) 525-8800; (888) 848-3680
Corporate Information
Stock Trading
Listed on the New York Stock Exchange:
Common Stock Symbol–FRC
First Republic Bank
7.75% Subordinated Notes
Listed on the NASDAQ Exchange:
First Republic Preferred Capital Corporation’s Series D Preferred–FRCCO
Transfer Agent
Common Stock and FRCCO–Mellon Investor Services LLC
Subordinated Notes–BNY Western Trust Company
External Counsel
Sullivan & Cromwell LLP
Arnold & Porter LLP
Auditors
KPMG LLP
Annual Meeting
The Bank’s Annual Stockholders’
Meeting will be held on
Tuesday, May 17, 2011 at 4:30 p.m.
The New York Yacht Club 37 West 44th Street
New York, NY 10036