First Republic’s 5.5% noncumulative perpetual preferreds list on NYSE

By Stephanie N. Rotondo

Seattle, Feb. 11 – First Republic Bank’s $150 million of 5.5% series G noncumulative perpetual preferred stock began trading on the New York Stock Exchange on Thursday, according to a market source.

The ticker is “FRCPG.” The deal came Feb. 3.

Price talk was 5.5% to 5.625%. The preferreds were issued as depositary shares representing a 1/40th interest.

BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC ran the books. Keefe Bruyette & Woods was the co-manager.

The issue is non-callable for five years.

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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