First Republic Bank (NYSE: FRC), a leading private bank and wealth management company, today said that Standard & Poor’s has raised the Bank’s long-term issuer credit rating to A-, Stable.
S&P also raised the rating of First Republic’s subordinated debt and preferred stock to BBB+ and BBB, respectively.
In a research update published Dec. 6, 2011, Standard & Poor’s said: “Our rating on First Republic reflects its solid capitalization and credit quality, its strong core deposit base, and the long and successful track record of its management team.”
“First Republic is pleased that its ratings have been raised by Standard & Poor’s, particularly in light of challenges facing the U.S. economy and the banking sector,” said Jim Herbert, Chairman and Chief Executive Officer of First Republic Bank. “S&P’s ratings increase affirms the strength of our enterprise, our long-term focus on strong credit, and our intensive service model that offers a single point of contact for clients.”
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.
Andrew Greenebaum / Lasse Glassen