First Republic offers series E noncumulative perpetual preferreds

By Stephanie N. Rotondo

Phoenix, Oct. 21 - First Republic Bank plans to sell series E noncumulative perpetual preferred stock, the company said in a press release on Monday.

The preferreds will be issued as depositary shares representing a 1/40th interest.

BofA Merrill Lynch, Morgan Stanley & Co. LLC, Wells Fargo Securities LLC, Goldman Sachs & Co. and J.P. Morgan Securities LLC are the joint bookrunning managers.

Proceeds will be used for general corporate purposes, which may include funding loans or purchasing investment securities for its portfolio.

First Republic is a San Francisco-based bank.

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