Trust Company Expands Capabilities To Meet Client Demand
First Republic Bank, a leading private bank and wealth management company, today announced the opening of a new trust company in Delaware and named Managing Director and Senior Trust Officer John McCabe to run its operations.
First Republic’s new trust company will allow clients to realize the advantages of Delaware trusts. These trusts can offer significant income and estate tax benefits, as well as greater flexibility to establish multi-generational trusts, including Dynasty Trusts.
First Republic Trust Company of Delaware is part of First Republic Private Wealth Management, which provides customized wealth management solutions, including trust, investment management and brokerage services, to high net worth individuals and families, foundations, and endowments. First Republic Private Wealth Management complements First Republic’s comprehensive private banking and business banking capabilities.
“First Republic Trust Company of Delaware now offers our clients more solutions to effectively manage and transfer wealth across generations,” said Michael Harrington, President of First Republic Trust Company. “First Republic’s new Delaware trust capabilities are designed to meet growing demand from our clients across the country who want the broadest range of solutions delivered with First Republic’s brand of exceptional service. John McCabe is a highly experienced trust executive who shares First Republic’s commitment to service excellence.”
Chartered in California, First Republic Bank already has trust powers in California, Connecticut, Massachusetts, Nevada, New York and Oregon. The new Delaware trust subsidiary will expand those capabilities for clients seeking to create trusts using Delaware’s favorable laws. As of December 31, 2011, First Republic Trust Company had more than $4.6 billion in assets. First Republic Trust Company’s open architecture model provides clients with maximum choice and flexibility. First Republic’s trust officers, who have an average of 22 years of trust experience, coordinate interaction among a client’s existing advisors and investment managers.
First Republic Trust Company can serve as Trustee, Successor Trustee, or Co-Trustee on many types of personal trusts, including marital, irrevocable and charitable trusts. First Republic also serves as Executor or Co-Executor for estate settlements.
Prior to joining First Republic, McCabe worked at Goldman Sachs Trust Company and Neuberger Berman Trust Company. Before that, he practiced law for five years. McCabe has a Bachelor of Arts degree from University of Delaware. He also earned a Juris Doctorate from the Villanova University School of Law and a Master of Laws in taxation from Villanova. He holds the Certified Trust and Financial Advisor designation and is a member of the Philadelphia Estate Planning Council’s Board of Directors.
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.
About First Republic Private Wealth Management
First Republic Private Wealth Management is the investment management, trust and brokerage group of First Republic Bank. First Republic Private Wealth Management offers objective advice and fully customized solutions with the same level of exceptional client service that has been the hallmark of First Republic Bank for more than 25 years. First Republic has the flexibility to provide individuals, families, businesses, endowments, schools and non-profit organizations with appropriate choices that responsibly meet a client’s specific investment objectives. Securities Products and Services are offered by First Republic Securities Company, LLC - Member FINRA/SIPC. First Republic Securities Company and First Republic Investment Management are wholly owned subsidiaries of First Republic Bank. Unless otherwise disclosed, investments through First Republic Investment Management and First Republic Securities Company, LLC are not FDIC-insured, not bank guaranteed and may lose value.