First Republic Bank in San Francisco plans to raise about $178 million through a common stock offering.

The $58 billion-asset bank said in a press release late Tuesday that it plans to sell 2.5 million shares at $72.41 each. The offering is expected to close on June 6.

First Republic said it expects to use net proceeds for general corporate purposes that include funding loans or buying investment securities for its portfolio.

The offering's underwriters have a 30-day option to buy up to 375,000 additional shares.

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