First Republic Bank (NYSE: FRC), a leading provider of private banking and wealth management services, today announced that the Board of Directors has extended the employment contract of company Chairman and founding Chief Executive Officer, Jim Herbert. Mr. Herbert will remain as Chairman and CEO until June 30, 2016 and will continue as Chairman until December 31, 2019.
The Bank’s President and Chief Operating Officer, Katherine August-deWilde, has also entered into an extended agreement following her current contract on December 31, 2014. At that time, she will become Vice Chair of the board. She will also serve as Senior Advisor, focused on the bank’s largest clients, through December 31, 2016.
“The board is absolutely delighted to be able to continue the dynamic leadership team which has led First Republic through over 26 years of continuously profitable operations,” said L. Martin Gibbs, lead outside Director. “Additionally, we are pleased to have hired Mike Selfridge, Head, Regional Banking at Silicon Valley Bank, whose skills and banking expertise will complement the strength of our existing senior management team.”
First Republic announced that Mr. Mike Selfridge will join the company in the position of Senior Executive Vice President. Mr. Selfridge will report to Mr. Herbert and will work closely with both Mr. Herbert and Ms. August-deWilde to support the company’s continued development. His initial focus will be on the considerable opportunities in the San Francisco and Silicon Valley areas, and he will progressively take on additional leadership responsibilities.
“Mike joins us at a particularly good time as we respond to the numerous opportunities to expand our bi-coastal franchise while preserving our strong service culture. This new position is a key element of our strategic plan to ensure the ongoing continuity of First Republic well into the future,” said Herbert.
An accomplished banking executive with nearly 18 years of experience at Silicon Valley Bank, Mr. Selfridge comes to First Republic from his most recent position leading their early stage, middle market, and life science practices in multiple U.S. regional offices. Mr. Selfridge has held senior leadership positions of increasing responsibility in credit, lending, sales and business development.
“First Republic Bank is a one-of-a-kind private bank and wealth management company. I look forward to working with every member of the team to help First Republic further build upon its unique and tremendously successful culture,” said Mr. Selfridge.
Mr. Selfridge is an advisory board member and vice chair for the Network for Teaching Entrepreneurship in the Bay Area and serves on the board of the Asian American Multi-Technology Association. From 2007-2010 he was on the advisory board for the Export-Import Bank. His prior banking experience includes positions in corporate banking (HSBC) and risk asset review (Wells Fargo). He holds an M.B.A. from University of San Francisco and a B.S. from California Polytechnic State University, San Luis Obispo.
“Mike is a proven leader with a terrific track record of achievement. It’s a real pleasure to have him join First Republic, and he will further strengthen our existing, highly effective management team,” said Ms. August-deWilde.
About First Republic Bank
First Republic Bank (NYSE:FRC) and its subsidiaries provide private banking, private business banking and private wealth management. Founded in 1985, First Republic specializes in exceptional, relationship-based service offered through preferred banking or wealth management offices primarily in San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach, San Diego, Portland, Boston, Greenwich and New York City. First Republic offers a complete line of banking products for individuals and businesses, including deposit services, as well as residential, commercial and personal loans. First Republic is a component of the S&P Total Market Index, the Wilshire 5000 Total Market IndexSM, the Russell 1000®, Russell 3000® and Russell Global indices and six Dow Jones indices. More information is available on the Bank’s website at www.firstrepublic.com.
Andrew Greenebaum / Lasse Glassen