Our values are more than words, they are the essence of the organization. They guide us in serving our stakeholders in a responsible, sustainable way.”

Mike J. Roffler, Executive Vice President, Chief Financial Officer

“Do The Right Thing” is a core value of First Republic. As a regulated financial institution, we adhere to all laws and regulations that govern our daily activities. Going beyond these requirements, we have a tremendous responsibility to uphold the highest standards of trust, integrity and professionalism to protect our stakeholders. This includes:

  • Maintaining an incentive structure that fosters employee accountability
  • Fully complying with laws and regulations
  • Protecting our clients' privacy and information
  • Properly addressing ethical issues and whistleblower complaints
  • Having a clear policy on political contributions

Employee Incentives and Accountability

We take our obligation to protect those who have entrusted us with their wealth, financial well-being and security very seriously. Our incentive plans are aligned with our corporate values and reinforce our culture of accountability and doing the right thing. We focus on retaining and growing client relationships and never push products on our clients.

We reward behaviors associated with two of our most important competitive advantages: exceptional client service and excellent credit quality. We include clawback provisions in our incentive plans to impact compensation if these principles are not upheld.

Clawback Provisions

Citizenship

As good citizens, colleagues must strive to interact with all stakeholders with integrity, fairness, respect, transparency and professional excellence.

Client Suitability

Clients must have a need for the services we offer them and understand how the services they are receiving suitably address their needs through clear disclosures and documentation.

Credit

We have had a credit clawback provision on all loan originations since 1986. When credit issues do arise, bankers in conjunction with Credit Administration are responsible for resolving their own nonperforming loans. This allows the banker to take a personalized approach with the client. Weekly, companywide meetings attended by nearly all of our senior management, bankers, credit and loan production colleagues provide meaningful learning opportunities and reinforce credit quality as a cultural cornerstone of the Bank.

Branch of First Republic Bank

Fully Complying with Bank Regulations

We strive to maintain a collaborative and transparent relationship with all regulatory agencies, including our primary federal regulator, the Federal Deposit Insurance Corporation (FDIC). In doing so, we are committed to operating in a safe and sound manner and to fully complying with all state and federal guidelines, laws and regulations.

Anti-Money Laundering

First Republic Bank maintains policies and procedures to comply with applicable United States anti-money laundering (AML) and anti-terrorist financing requirements, including those set forth in the Bank Secrecy Act (BSA) and those published by the Office of Foreign Assets Control (OFAC). Our AML programs are designed to ensure that our clients, the Bank, the U.S. financial system and our country are protected from illicit actors who exploit banking services with nefarious and criminal intent. All employees are provided with initial and periodic BSA/AML and OFAC training tailored to their roles, responsibilities and business units. Additionally, the Board receives annual training on BSA/AML practices, ensuring proper oversight.

Anti-Corruption

Our colleagues are required to adhere to the provisions of the Federal Bank Bribery Law and Foreign Corrupt Practices Act and may not solicit or accept anything of value that would compromise the Bank or violate law.

Fair and Responsible Banking

As a Fair and Responsible Banking institution, we do not tolerate any prohibited discriminatory practice in serving our clients and communities. We have established and implemented Fair Lending statements and a UDAAP (Unfair, Deceptive or Abusive Acts or Practices) policy and periodically review our practices and performance to ensure proper compliance with applicable regulations. We also collaborate with our business partners to help educate and train them on appropriate practices and respond immediately to any issues that may arise. Formal training is required for all covered colleagues at the time of hiring and at least annually thereafter.

Protecting Client Privacy and Information

Maintaining client confidentiality is of the utmost importance to the Bank and is the foundation of establishing trust with our clients. All records and documents concerning the business and affairs of First Republic represent confidential or proprietary information.

In addition to complying with all applicable privacy-related laws and regulations, our policy is to disclose client information only as outlined in our Privacy Policy. We never sell client information and have implemented significant, layered physical and electronic security controls to prevent unauthorized access to client information. We also limit employee access to client information to those with a need to know.

As a company headquartered in California, we are fully compliant with the California Consumer Privacy Act (CCPA).

On a regular basis, we work with third-party firms to perform security testing of our systems and audit our security controls. We also conduct vendor security due diligence to determine the adequacy of our service providers' security programs through a review of audits, summaries of test results and other evaluations. Our vendors must also comply with our Code of Ethics and Corporate Conduct, which requires keeping client information confidential. We also monitor financial transactions, social media and the dark web to identify and prevent fraud and to protect the Bank, clients and key vendors from compromise. Regular disaster recovery and crisis management exercises help ensure continued banking operations.

Properly Addressing Ethical Issues and Whistleblower Complaints

Our Code of Ethics and Corporate Conduct outlines specific guiding principles designed to ensure we are doing the right thing. Colleagues must review the Code on a regular basis and annually renew their commitment to uphold these exemplary standards. As part of the Bank's Speak Up! program, if concerns do arise, colleagues can submit confidential or anonymous reports through an independent third-party pursuant to our Whistleblower Policy. The Bank does not allow retaliation for any report made in good faith.

Policy on Political Contributions

First Republic Bank does not make corporate contributions to candidates for public office or political parties. Our lobbying activities are minimal and limited to issues specific to our business. As required by law, expenses related to federal lobbying activities are publicly disclosed.

Shared Core Values