We have, since our founding, been guided entirely by the assumption that if we take great care of our colleagues, our clients and our communities, we will have a sustainable business that consistently delivers strong value for our shareholders. Our strong, organic growth and results are the outcome of this focused, long-term approach.
First Republic has grown organically from our initial $8.8 million de novo capitalization in 1985 to the nation’s 17th-largest bank by deposits at the end of 2019. Our straightforward business model has performed very well for three-and-a-half decades through varying economic and geopolitical conditions, resulting in consistent profitability every year since inception.
The conditions we face now, however, are quite unusual. With a global pandemic, and the resulting market volatility and economic uncertainty, we are cautious about the year ahead. While these are uncertain times, our focus on care — for our colleagues, clients and communities — alongside safety and stability remains the same. This focus has supported our consistent profitability, stable results and uninterrupted client service since 1985, and it will continue to do so today.