First Republic Bank’s 5.7% preferreds begin trading Thursday on NYSE

By Stephanie N. Rotondo

Phoenix, May 27 – First Republic Bank’s $100 million of 5.7% series F noncumulative perpetual preferred stock will begin trading on the New York Stock Exchange on Thursday, according to a market source.

The deal came May 19. The ticker symbol will be “FRCPC.”

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

BofA Merrill Lynch, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC were the joint bookrunning managers.

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

First Republic is a San Francisco-based private banking institution.

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