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First Republic offers $25-par non-cumulative preferreds, series M
By Rebecca Melvin
Concord, N.H., July 14 – First Republic Bank plans to price an offering of $25-par series M non-cumulative perpetual preferred stock, according to a press release.
BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, UBS Securities LLC, Wells Fargo Securities, LLC, Goldman Sachs & Co. LLC and Keefe, Bruyette & Woods, are joint bookrunning managers of the offering, for which there will be a greenshoe option.
First Republic plans to use the proceeds from the offering for general corporate purposes, which may include funding loans or purchasing investment securities for its portfolio.
First Republic is a San Francisco-based financial services company.
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