First Republic Bank

This article is about the bank based in San Francisco. For the defunct bank based in Dallas, see First Republic Bank Corporation.
First Republic Bank
Public
Traded as NYSE: FRC
Industry Banking
Financial services
Investment services
Founded 1985
Headquarters San Francisco, CA, USA
Area served
 California
United States
Key people
 James H. Herbert II
Chairman and CEO
Products Consumer Banking
Corporate Banking
Global Wealth Management
Mortgages
Total assets US$59.0 billion (2015)[1][2] US$62.1 billion (Q1, 2016)[2]
Total equity US$5.7 billion (2015)[3] US$5.98 billion (Q1, 2016)[2]
Subsidiaries
  • First Republic Investment Management, Inc.
  • First Republic Securities Company, LLC
  • First Republic Trust Company
  • First Republic Trust Company of Delaware LLC
Website firstrepublic.com

First Republic Bank is a bank and wealth management company offering personal banking, business banking, trust and wealth management services. Based in San Francisco, First Republic and its four subsidiaries[4][5] focus on "private banking, private business banking and private wealth management, including investment, trust and brokerage services."[6] The bank specializes in "single point" customer service[7] through approximately 60 offices on the East and West Coasts of the United States, including in San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach, San Diego, Portland, Palm Beach, Boston, Greenwich and New York City.[6][8]

Founded in 1985 as First Republic Bancorp Inc.,[9] the bank went public in 1986[9] and was acquired by Merrill Lynch in 2007, retaining its general independence.[10] Merrill Lynch and First Republic were acquired by Bank of America in 2008,[11] and First Republic subsequently avoided significant difficulties in the 2008 financial crisis[12] by shunning "subprime mortgages and other toxic assets."[12] In 2009 First Republic was sold to a constortium of investors for about $1 billion[12] in "one of the only bank sales [in 2009] not to require assistance from the Federal Deposit Insurance Corporation."[12] In 2010 First Republic went public again with an initial public offering,[13] and by early 2016 the bank had assets valued at US$62.1 billion.[2]

History

Founding as First Republic Bancorp (1985-1999)

First Republic Bank was founded in July 1985[14] by James H. Herbert, II and Roger Walther.[15] The company initially operated as a thrift institution based in San Francisco, California.[9] Formed with ten employees[15] as First Republic Bancorp Inc.,[9] Herbert became founding CEO and joined the board,[16] while Walther took on the role of founding chairman[15] and Katherine August-deWilde[15] became CFO.[17] The bank went public in 1986,[18] with shares put up for sale on NASDAQ under the FRCBC symbol.[9] Among other entities, General Atlantic was an early investor in the firm, putting up about $5 million in 1987.[12] In the late 1980s, First Republic made the transition to a savings bank.[19] In December 1993, First Republic Bancorp acquired the Silver State Thrift and Loan Association in Nevada, a loan company with approximately $2 million in assets.[20] First Republic Bancorp had two branches in Las Vegas and 11 in California by the summer of 1997, with $2.2 billion in assets.[9]

In September 1997 company shareholders "approved the elimination of its existing holding company structure by merging into its sole subsidiary," with the new entity to be named First Republic Bank. The restructuring changed the company from a thrift institution into a commercial bank, and allowed it to begin offering "deposit checking accounts to corporations and partnerships" as compared to only individual and non-profit accounts.[9] By the end of 1997, First Republic's assets had risen to roughly $2.5 billion.[19] After opening a branch in New York City,[19] by 1999 the following year the company had branches in 19 locations.[21] The bank remained "a publicly held bank specializing in luxury home lending, private banking and business banking," with "many clients in the entertainment industry."[21] First Republic also maintained a 20 percent stake in Trainer Wortham, a New York-based investment advisory firm.[19]

Changes in ownership (2000-2009)

Still publicly traded, First Republic[15] began expanding in the Northeast United States in 2006, as well as along the west coast and the Pacific Northwest. That year First Republic also purchased the Bank of Walnut Creek near San Francisco.[22] First Republic was financially involved with industries such as "wine, venture capital and nonprofits" by 2006, and served as a banker and "luxury-home mortgage lender to many wealthy individuals."[22]

In January 2007 First Republic announced that it would be purchased by Merrill Lynch for $1.8 billion.[22] First Republic's stock value rose significantly after the announcement,[22] with controlled banking assets reaching approximately $10 billion later that year.[15] The Merrill Lynch transaction was finalized on September 21 of 2007.[10] Under the terms of the acquisition, First Republic continued to operate as an independent business[23] with its own name.[22] First Republic called it a "terrific opportunity for our clients as well as our employees," with "virtually all"[15] of their 1,100 employees[15] retaining their positions[22] and First Republic's management structure left intact.[15] Herbert remained CEO, while former COO Katherine August-deWilde remained president.[22] Headquarters remained in San Francisco,[22] with Republic's approximately 60 offices remaining operational.[15]

Merrill Lynch, which still had ownership of First Republic, was acquired by Bank of America on September 15, 2008,[11] with the purchase completed in early 2009.[15] First Republic again retained its independence while a Bank of America subsidiary.[24] Serving mainly customers in California, New York, and Nevada,[12] as of September 2009, First Republic had "$19 billion in total assets, $16 billion in deposits, and $15 billion in wealth management assets under management."[12] First Republic had also avoided significant difficulties in the 2008 financial crisis.[12] Explained The New York Times in 2009, First Republic "largely stayed clear of subprime mortgages and other toxic assets that have crippled other banks."[12]

Sale from Bank of America and IPO (2009-2010)

In October 2009, Bank of America sold First Republic to a constortium of investors for about $1 billion.[12] Herbert led the sale,[25] explaining that “Bank of America decided [First Republic] was duplicative to its own very sophisticated private banking operations."[15] The investment consortium included both Herbert and First Republic's president Katherine August-deWilde, as well as the two private equity firms Colony Capital and General Atlantic.[26] Together, the equity firms purchased just under 50% of First Republic's stock.[12] The deal closed on July 1, 2010 with an infusion of a $1.86-billion in capital funds.[15] According to New York Times, the sale was "one of the only bank sales [in 2009] not to require assistance from the Federal Deposit Insurance Corporation."[12]

First Republic had around 1,400 employees by the summer of 2010,[15] with approximately 60 offices[15] primarily situated in California.[15] Continuing to specialize in "luxury-home loans and provides banking, brokerage, trust and investment services to private and commercial clients,"[15] First Republic controlled banking assets of around $20 billion, with $18 billion in deposits and $15 billion in wealth-management assets.[15]

First Republic went public again in 2010, raising $280 million in an initial public offering of common stock in November on the New York Stock Exchange, again as NYSE: FRC.[18] As a result, First Republic's private equity shareholders made about a 70% return in five months.[25] Bloomberg wrote that the "company went public in 2010, leaving just about every other bank stock in its dust ."[13] Herbert stated the influx of funds would be used to "make acquisitions, expand its branch network and recruit bankers and money managers."[18] In 2011 First Republic joined the Russell Global, Russell 3000 and Russell 1000 stock market indices, adding to its listings on the S&P Total Market Index, the Wilshire 5000 Total Market IndexSM and six Dow Jones indices.[27]

Acquisitions and growth (2012-2015)

First Republic purchased Los Angeles-based Luminous Capital LLC in December 2012.[28] Assets that year totaled US $32.6 billion, while equity was $3.2 billion.[29] As of 2013, First Republic's stock was in part owned by other institutions and hedge funds, including Select Equity Group, John Armitage, Renaissance Technologies, Conatus Capital Management, and Osterweis Capital Management.[25] By early 2014, First Republic was preparing to reach $50 billion in assets[30] by focusing on regulations, adding staff, and making "substantial investments in infrastructure."[30] On December 21, 2014, American Banker announced that they had named Herbert their Banker of the Year, opining that "James Herbert's bank is thriving by delivering top-notch service and maintaining strict underwriting standards at a time when many banks are struggling to increase revenues and undercutting each other to win loan business."[31] San Francisco Business Times stated the win was for "achieving dramatic growth at the San Francisco-based bank while keeping credit losses low."[32]

As of January 2015, First Republic had a client roster including high profile Americans such as Quincy Jones, Larry King, and Clorox CEO Craig Sullivan.[32] First Republic began offering paid six-week parental leave for all of its employees in the first quarter of 2015.[33] In June 2015, it was announced the First Republic had purchased Constellation Wealth Advisors, an RIA, for $115 million.[28] After protests on August 27, 2015 in San Francisco alleging that First Republic was financing and therefore enabling investors using the Ellis Act to evict apartment residents, that day First Republic added a clause into its business dealings that "if we are aware that the owner intends to utilize the Ellis Act before a loan is made, we will not make the loan."[34] First Republic Bank surpassed its projected benchmark of $50 billion in total assets in the third quarter of 2015, soon reaching $52 billion.[30][35] Herbert explained that First Republic's growth rate resulted from its "simple structure and operating model."[30]

Recent developments (2015-2016)

By December 2015, First Republic had assets valued at USD $55.4 billion.[24] That month First Republic extended Herbert's contract until December 31, 2017, with Herbert continuing to serve as both chairman and CEO.[6] After that date, it was announced that he would relinquish the CEO title, while remaining executive chairman until December 31, 2021.[24] American Banker opined that First Republic's recent stock value was likely a reason for the extension, reporting that "since First Republic was spun off from Bank of America its assets have nearly tripled and the value of its stock has increased roughly 140%."[24]

The company's Tier 1 leverage ratio was 9.38% as of March 31, 2016, while its Total Risk-Based Capital Ratio was 13.80%.[36] Also at the time, 57% of their loans were considered "residential mortgage loans," and the bank had a much lower percentage of "nonperforming assets" than the national bank average.[36] On April 14, 2016, Bloomberg published an article focusing on First Republic's unusual standing on the stock exchanges. According to the article, despite a difficult market for banks overall, "First Republic is the only stock in the KBW Bank Index that's up in 2016 and since the index peaked in July."[13] Bloomberg went on to state that "its growth is also head-and-shoulders above most peers, fueled by strong loan growth, an enviable net interest margin of 3.2 percent, and a 31 percent increase in wealth-management revenue (thanks in part to a stream of hires from Credit Suisse)."[13]

In April 2016 First Republic announced that within the year it would voluntarily raise its minimum wage to $20 per hour. It also announced expansions to its subsidized employee meal program for employees and its fitness stipend for employees, which offsets the cost of gym memberships.[33] As of May 2016, First Republic ranked at No. 923 on Forbes Global 2000 list of the world's largest public companies.[37]

Overview

Business model

"As the managements of universal banks have been scrambling to deal with brush fires in their sprawling empires such as souring energy credits, slowdowns on trading desks and deal cancellations, First Republic stuck to its knitting with private and business banking and wealth-management services for clients in affluent parts of California and the East Coast."
— Bloomberg (April 2016)[13]

In 1997 the bank eliminated its "existing holding company structure" as a thrift by merging into its sole subsidiary.[9] Later forming several self-contained departments,[28] after First Republic Bank surpassed its projected benchmark of $50 billion in total assets in 2015,[30][35] James Herbert opined that the bank's growth rate resulted from its "simple structure and operating model," which allowed the company to maintain a non-bank holding company status and only four bank subsidiaries.[30] Extrapolated Herbert, "First Republic has always tried to operate in the simplest possible manner... this very simple structure fully supports all of our bread and butter banking activities, and our very straightforward wealth management platform."[30][35] The company is atypical in relying on "relationship-based service" which it provides with "a single point of contact for all its services."[7]

According to James Herbert, First Republic does not "engage in investment banking or capital markets trading," and also avoids "direct exposure to energy" and international lending and operations. Bloomberg has opined that this avoidance of high-risk industries has allowed First Republic to maintain a regular growth rate.[13] First Republic also has an atypical clawback provision in its business model, where the "banker who made the loan takes the first hit if the mortgage goes bad in the first few years."[32] American Banker argued that with the strategy, First Republic had taken "the concept of skin in the game to a whole new level."[38] The article noted that First Republic was more capable of implementing the strategy than other banks partly because "First Republic clients generally have a single point of contact. At a nationwide retail bank, it would be harder to pin a loan's performance on a single individual."[38] Among other atypical policies, early on First Republic's implemented ATM-fee rebates on checking accounts, allowing customers to use any ATM for free.[32] The fee rebate idea, first broached to management by a First Republic employee, was later adopted by other financial institutions with limited ATM networks.[32]

First Republic Bank subsidiaries
Divisions Primary services Notes
First Republic Private Wealth Management Wealth management servicesFirst Republic Private Wealth Management "complements First Republic’s private banking and business banking services," offering services such as "customized wealth management solutions" to high net worth individuals, families, and foundations.[4]
First Republic Investment Management, Inc. Wealth management servicesFirst Republic Investment Management, a division of First Republic Private Wealth Management,[39] managed $35.3 billion in assets as of March 31, 2015.[28] By June 2015, the division had 328 employees.[28]
First Republic Securities Company LLC Brokerage services A part of First Republic Private Wealth Management, the division is a member of FINRA/SIPC.[39]
First Republic Trust Company Trust services A part of First Republic Private Wealth Management, First Republic Trust Company provides "comprehensive trust and estate administration services to help families preserve and transfer wealth across generations." The division also works with marital, irrevocable, and charitable trusts, among other types.[4]

Branch locations

First Republic is headquartered out of San Francisco,[21] where the company was formed in 1985.[22] First Republic initially expanded in California and Nevada, and by 1997 had "two locations in Las Vegas and 11 others in San Francisco, Los Angeles, San Diego and Beverly Hills."[9] Opening a branch in New York City shortly after, First Republic expanded into Silicon Valley in late 1998.[19] After then opening its first branch in the San Fernando Valley, by 1999 the bank had branches in 19 locations.[21] As of 2007, the company had around 60 offices.[15] The bank opened its first Florida branch, in Palm Beach, in early 2013.[40]

A number of branches are located in notable skyscrapers and buildings. After ending its lease at the Wilshire Grand Tower, in June 2012, First Republic Bank signed a new 15-year lease for 15,000 square feet of office and retail space at the tower at 888 S. Figueroa Street in Los Angeles.[41] The company also has office space in the Flatiron Building in San Francisco, the Shaklee Terraces skyscraper nearby, and New York's Rockefeller Center.[42] As of April 2016, First Republic served 37 cities,[43] with 68 public locations as of August 23, 2016.[42] With offices primarily in California, the bank continues to operate other locations in major cities such as Portland, Boston, New York, Greenwich, and Palm Beach.[6][8]

Management

The following are key members of First Republic's management as of August 23, 2016:[44]

Philanthropy and civic involvement

First Republic launched an employee volunteer program in 2015, where all employees are offered 16 hours of annual paid time to volunteer for local charities.[47] The bank also directly supports various nonprofit organizations, particularly those focused on affordable housing, the arts, economic development, and financial education in underserved populations.[43] In the year 2015, First Republic stated it supported around 320 nonprofit and charity organizations in the United States.[43] Among its current supported non-profits are Operation HOPE, the Central Park Convervancy, the National Kidney Foundation, and the Community Youth Center of San Francisco,[43] which named First Republic Bank its 2015 Corporate Partner of the Year.[43] The bank also continues to support The Basic Fund,[48] which provides scholarships to underserved families in the San Francisco Bay Area.[48] For close to a decade, The Basic Fund was housed in First Republic's basement.[48]

Financial education

First Republic publishes free articles on finances and investing in the "Life and Money" area of its website.[49] In 2014[35] First Republic founded the First Republic Scholars Program, an online financial literacy program[33] which uses simulations, games and avatars to "simplify and bring to life financial concepts." According to First Republic, the program teaches "budgeting, saving, responsibility and decision making, credit and debt, careers, income, and charity."[35] Within two years, the program was being offered for free to around 60 schools in First Republic's markets.[33] In December 2015, First Republic launched a financial education program called Vault-Understanding Money, which is intended for elementary schools.[50] By April 2016, it was available in 57 schools in California, Oregon, New York, Massachusetts and Florida.[50] First Republic began an expansion of the First Republic Scholars Program in 2016,[33] bringing the program to new locations such as inner city elementary schools in Oregon.[35] That year, NASDAQ selected First Republic as the winner of its Innovation In Financial Education Award.[50]

Loans and housing

As of March 31, 2016, 41% of the bank's loans in its business banking loan portfolio were to schools and nonprofit organizations.[43] For loans funded in 2015, around $1.1 billion was for single and multi-family residential loans in areas of low or moderate income. $529 million was used for community development loans that year.[43] First Republic also has several ongoing relationships with housing nonprofits. In 2011 First Republic began working with the San Francisco Housing Development Corporation (SFHDC), an organization seeking to foster home ownership and economic stability in predominantly African-American neighborhoods.[8] Beyond providing financial support to SFHDC, First Republic also began collaborating with SFHDC on the First Time Homebuyers Program and the Federal Home Loan Bank of San Francisco's Workforce Initiative Subsidy for Homeownership program.[8]

In August 2015, protestors outside First Republic's San Francisco headquarters alleged that the company was violating the Community Reinvestment Act and "fueling the city's displacement crisis by lending to real estate investors who evict tenants and eliminate rental housing. Using the Ellis Act, landlords who purchased buildings with loans from First Republic Bank have evicted tenants and sold the apartments as tenants-in-common homes (TICs) to affluent buyers."[34] First Republic met with the protestors outside the building, also arranging a later meeting between protestors and First Republic's president.[51] Later that day, the bank released a statement asserting that it "was never the bank's intention to make loans to landlords who evicted tenants and converted their buildings into TICs,"[34] pointing out that it had worked with the California Reinvestment Coalition to protect six rental buildings from Ellis Act evictions in the past.[51] As reported by the East Bay Express[34] and the San Francisco Business Times,[51] that day the bank changed its lending policies such that future borrowers would be asked if they intended to repurpose property under the Ellis Act, with loans witheld if the borrower responded yes.[34] Community organizations responded with a joint statement that First Republic had set a "good precendent."[52]

In April 2016, the bank debuted its Eagle Community loan program to help borrowers in "underserved minority neighborhoods" afford mortgages.[33] Also that year, the San Francisco Housing Development Corporation (SFHDC) awarded Rosana Han, First Republic's senior vice president and "head of the bank's Community Reinvestment initiatives," with their Corporate Social Responsibility Award for her work in promoting affordable housing. At the ceremony, she received commendations from public figures such as Nancy Pelosi, Mark Leno, and David Chiu.[8] On April 26, 2016, The American Lawyer reported that "at least three law firms" were collaborating with First Republic on helping their law associates pay back "law school debt at reduced rates."[53] As of June 30, 2016, First Republic had funded around 200 "Eagle Community loans," and in August 2016, First Republic expanded its community lending department.[54]

Awards and recognition

The following is an incomplete list of accolades for First Republic and its subsidiaries:[55]

  • 2011: Bank Director - No. 4 on Top 150 Banks[57]
  • 2011: Forbes - No. 3 on America's Best and Worst Banks 2014[58]
  • 2012: Forbes - No. 5 on America's Best and Worst Banks 2014[60]
  • 2012: ABA Bank Journal - No. 3 on list of Top Performing Big Banks[61]
  • 2013: Forbes - No. 2 on Top 50 Wealth Managers (RIA Giants)[62]
  • 2013: Forbes - No. 1 on Top 50 Wealth Managers (Fastest Growing RIAs)[62]
  • 2014: Forbes - No. 6 on America's Best and Worst Banks 2014[63]
  • 2014: 2020 Women on Boards - Diversity Award[55]
  • 2014: Luxury Institute - No. 4 on the Luxury Brand Status Index Wealth Management Survey[55]
  • 2015: Family Wealth Report - Top Private Bank in the United States[55]
  • 2016: NASDAQ - NASDAQ Innovation In Financial Education Award[50]
  • 2016: Forbes - No. 7 on America's Best Banks 2016[66]

See also

References

  1. ↑ "Income Statements: First Republic Bank (FRC)". Reuters. Retrieved 2016-06-17.
  2. 1 2 3 4 "Filings - First Quarter 2016 Form 10-Q PDF". firstrepublic.com. Retrieved 2016-06-17.
  3. ↑ "First Republic Bank Income Statement - Quarterly Data". Google Finance. Retrieved 2016-06-17.
  4. 1 2 3 "Kelly Johnston Promoted to President of First Republic Trust Company". First Republic Bank. January 6, 2016. Retrieved 2016-08-20.
  5. 1 2 "First Republic Named Best Private Wealth Manager". firstrepublic.com. February 24, 2016. Retrieved 2016-08-20.
  6. 1 2 3 4 "First Republic Bank Announces Contract Extension". PR Newswire. December 3, 2015. Retrieved 2016-08-20.
  7. 1 2 "First Republic Bank". Bloomberg. Retrieved 2016-08-20.
  8. 1 2 3 4 5 "First Republic Bank Executive Honored By San Francisco Housing Development Corporation". First Republic Bank. May 3, 2016. Retrieved 2016-08-20.
  9. 1 2 3 4 5 6 7 8 9 "Thrift plans to expand in valley". Las Vegas Sun. September 9, 1997. Retrieved 2016-08-20.
  10. 1 2 "Merrill Lynch and First Republic Bank Successfully Close Merger". First Republic. September 21, 2007. Archived from the original on March 9, 2012. Retrieved 2016-05-28.
  11. 1 2 Appelbaum, Binyamin (September 15, 2008). "Weekend Merger Struck With Bank of America". Washington Post. Retrieved 2016-05-28.
  12. 1 2 3 4 5 6 7 8 9 10 11 12 "Bank of America Sells First Republic Bank". New York Times. October 21, 2009. Retrieved 2016-05-28.
  13. 1 2 3 4 5 6 P. Regan, Michael (April 14, 2016). "One of These Banks Is Not Like the Others". Bloomberg. Retrieved 2016-08-20.
  14. ↑ "San Francisco Film Society Elects New Board Members". filmfestivals.com. February 2, 2008. Retrieved 2016-08-20.
  15. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Coyle, Thomas (July 1, 2010). "First Republic Regains Its Independence". Wall Street Journal. Retrieved 2016-08-20.
  16. ↑ "James H. Herbert, II". First Republic. Retrieved 2016-08-20.
  17. ↑ "Katherine August-deWilde". LinkedIn. Retrieved 2016-10-20.
  18. 1 2 3 "Merrill spin-off First Republic files for IPO". Reuters. November 29, 2010. Retrieved 2016-08-20.
  19. 1 2 3 4 5 "First Republic Bank invades valley". Silicon Valley Business Journal. August 9, 1998. Retrieved 2016-08-20.
  20. ↑ "First Republic acquires Silver State thrift.". American Banker. December 30, 1993. Retrieved 2016-08-20.
  21. 1 2 3 4 "First Republic Bank Opens Valley Branch". The Los Angeles Times. February 16, 1999. Retrieved 2016-08-20.
  22. 1 2 3 4 5 6 7 8 9 "Merrill Lynch buys First Republic". San Francisco Examiner. January 30, 2007. Retrieved 2016-08-20.
  23. ↑ "Merrill Lynch to Acquire First Republic Bank for $1.8 Billion". First Republic. January 29, 2007. Archived from the original on March 9, 2012. Retrieved 2016-05-28.
  24. 1 2 3 4 5 Kline, Alan (December 3, 2015). "First Republic's Herbert to Remain CEO Through 2017". American Banker. Retrieved 2016-08-20.
  25. 1 2 3 Kim, Jim (June 14, 2013). "James Herbert II capably leads First Republic Bank". FierceFinanceIT. Retrieved 2016-08-20.
  26. ↑ "General Atlantic, Colony Capital close First Republic Bank deal". AltAssets. July 21, 2010. Archived from the original on August 12, 2011. Retrieved 2016-05-28.
  27. ↑ "First Republic Bank Added to Three Russell Market Indices". firstrepublic.com. June 28, 2011. Retrieved 2016-08-20.
  28. 1 2 3 4 5 Southall, Brooke (June 17, 2015). "First Republic buys an eight-year-old RIA for $115 million". RIABiz. Retrieved 2016-08-20.
  29. ↑ "Consolidated Balance Sheet, September 30, 2012" (PDF). First Republic Bank. Retrieved 22 November 2012.
  30. 1 2 3 4 5 6 7 "First Republic Bank's (FRC) CEO Jim Herbert on Q3 2015 Results - Earnings Call Transcript". Seeking Alpha. October 15, 2015. Retrieved 2016-08-20.
  31. ↑ Kline, Alan (December 21, 2014). "Banker of the Year: First Republic's James Herbert". American Banker. Retrieved 2016-08-20.
  32. 1 2 3 4 5 Calvey, Mark (January 12, 2015). "'Banker of the Year' at First Republic Bank keeps credit losses low with clawbacks". San Francisco Business Times. Retrieved 2016-08-20.
  33. 1 2 3 4 5 6 Lane, Ben (April 21, 2016). "First Republic Bank invests in community, ups minimum wage to $20 per hour". HousingWire. Retrieved 2016-08-20.
  34. 1 2 3 4 5 BondGraham, Darwin (August 18, 2015). "Tenants Accuse San Francisco Bank of Financing Evictions". East Bay Express. Retrieved 2016-08-20.
  35. 1 2 3 4 5 6 Dullum, Justin (December 8, 2015). "First Republic swells past $50 billion". The Northwest Weekly. Retrieved 2016-08-20.
  36. 1 2 "2016 First Quarter Financial Report". firstrepublic.com. March 2016. Retrieved 2016-08-20.
  37. ↑ "#923 First Republic Bank". Forbes. May 2016. Retrieved 2016-08-20.
  38. 1 2 Hochstein, Marc (December 29, 2014). "Discussion: Should Loan Officers Have More Skin in the Game?". American Banker. Retrieved 2016-08-20.
  39. 1 2 3 "First Republic Private Wealth Management". Barron's. 2015. Retrieved 2016-08-20.
  40. ↑ "First Republic Bank Opens Office in Palm Beach". firstrepublic.com. February 14, 2013. Retrieved 2016-08-20.
  41. ↑ Vaillancourt, Ryan (June 26, 2012). "First Republic Bank Signs $17 Million Deal - Forced Out of Wilshire Grand, Bank Relocates to 888 S. Figueroa St.". LA Downtown News. Retrieved 2016-08-20.
  42. 1 2 "Locations". First Republic. Retrieved 2016-08-20.
  43. 1 2 3 4 5 6 7 "Commitment to the Community website and PDF". firstrepublic.com. April 2016. Retrieved 2016-08-20.
  44. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 "About Us / Management". First Republic Bank. Retrieved 2016-08-20.
  45. ↑ "First Republic Bank Announces Promotion of Mike Selfridge to Chief Banking Officer". First Republic Bank. December 7, 2015. Retrieved 2016-08-20.
  46. ↑ Kester, John (November 17, 2014). "CFO Moves: First Republic Bank, Marks & Spencer, Cogeco". Wall Street Journal. Retrieved 2016-08-20.
  47. ↑ "Employee Volunteer Program". firstrepublic.com. Retrieved 2016-08-20.
  48. 1 2 3 "First Republic Bank and James Herbert: Making a difference for the Bay Area". The Basic Fund. February 16, 2016. Retrieved 2016-08-20.
  49. ↑ D. Opdyke, Jeff (August 6, 2011). "How to Talk to Your Parents About Money". firstrepublic.com. Retrieved 2016-08-20.
  50. 1 2 3 4 "First Republic Bank Wins National Award for Innovative Financial Literacy Program". firstrepublic.com. April 11, 2016. Retrieved 2016-08-20.
  51. 1 2 3 Calvey, Mark (August 18, 2015). "First Republic Bank: No mortgages for Ellis Act evictions (Video)". San Francisco Business Times. Retrieved 2016-08-20.
  52. ↑ "Community Organizations Respond to First Republic Bank's New Policy to Stop Financing Displacement Mortgages". www.calreinvest.org - California Reinvestment Coalition. September 3, 2015. Retrieved 2016-09-02.
  53. ↑ Gluckman, Nell (April 26, 2016). "More Law Firms Take Aim at Associate Student Loan Debt". The American Lawyer. Retrieved 2016-08-20.
  54. ↑ "First Republic Expands Community Lending Program And Team". Press release - First Republic. August 15, 2016. Retrieved 2016-08-20.
  55. 1 2 3 4 5 "Newsroom - press releases organized by Awards & Recognition". firstrepublic.com. Retrieved 2016-08-20.
  56. 1 2 3 4 "First Republic Named Best Private Bank in North America". First Republic. February 13, 2013. Retrieved 2016-08-20.
  57. ↑ "What Does It Take To Be Great?". Bank Director. 2011. Retrieved 2016-08-20.
  58. ↑ "Full List: America's Best and Worst Banks". Forbes. December 13, 2011. Retrieved 2016-08-20.
  59. ↑ "Jim Herbert, chief executive officer and director at First Republic Bank, will speak Sept.21". Colorado State University. September 14, 2012. Retrieved 2016-08-20.
  60. ↑ "Full List: America's Best and Worst Banks". Forbes. December 18, 2012. Retrieved 2016-08-20.
  61. ↑ "Top Performing Big Banks". ABA Bank Journal. April 2012. Retrieved 2016-08-20.
  62. 1 2 "The Top 50 Wealth Managers". Forbes. April 10, 2013. Retrieved 2016-08-20.
  63. ↑ Badenhausen, Kurt (December 22, 2014). "America's Best and Worst Banks 2014". Forbes. Retrieved 2016-08-20.
  64. ↑ "Top Registered Investment Advisor". firstrepublic.com. Retrieved 2016-08-20.
  65. ↑ "First Republic Named Best Private Bank". firstrepublic.com. February 4, 2015. Retrieved 2016-08-20.
  66. ↑ Badenhausen, Kurt (2016). "America's Best Banks 2016". Forbes. Retrieved 2016-08-20.

External links

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