All Ratings Investment Grade with Stable Outlook
First Republic Bank, a leading provider of private banking, private business banking and wealth management services, today said that Moody’s, Fitch and Standard & Poor’s have issued investment grade ratings for the Bank and all of its obligations.
The Bank’s long-term deposit ratings, provided by Moody’s and Fitch, are as follows:
- Moody’s Investors Service: A3 with a Stable Outlook.
- Fitch Ratings: A- with a Stable Outlook.
The Bank’s long-term issuer counterparty credit ratings are as follows:
- Moody’s Investors Service: A3
- Fitch Ratings: BBB+
- Standard & Poor’s: BBB+
Each of these ratings also has a Stable Outlook.
“First Republic is very pleased with these investment grade ratings from the three major rating agencies,” said Jim Herbert, Chairman and CEO of First Republic Bank. “Despite the market and economic challenges over recent years, First Republic’s current ratings are stronger overall than they were in mid-2007.”
The agencies issued ratings after First Republic Bank announced the completion of a management-led buyback that included $1.86 billion in new equity capital and no leverage. An independent entity again, First Republic Bank has 62 offices and total banking assets of approximately $20 billion, $18 billion of deposits, $15 billion of wealth management assets, and $4 billion of loans serviced for third parties. The Bank has Tangible Equity Capital of over 8% and loan delinquencies of less than 20 basis points.
The agencies also rated as investment grade First Republic’s 7.75% Subordinated Notes due 2012 and the listed preferred stock of the Bank’s wholly owned REIT subsidiary, (NASDAQ:FRCCO).
All of the new ratings are available at www.firstrepublic.com.
ABOUT FIRST REPUBLIC BANK
Founded in 1985, First Republic Bank and its affiliated companies 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 through preferred banking and wealth management offices in San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach, San Diego, Portland, Boston, Greenwich and New York City. More information is available on the Bank’s website at http://www.firstrepublic.com.