First Republic Bank in San Francisco is planning to raise more than $200 million in a public offering.
The $48.4 billion-asset company said in a press release late Thursday that it will sell 3.5 million shares of its common stock. The price for the offering was not disclosed, though First Republic could raise about $208 million based on Thursday's closing price of $59.67 a share. Underwriters also will have a 30-day option to buy an additional 525,000 shares before the offering closes next Wednesday.
Proceeds from the offering will be used to fund loans or buy investment securities, the company said in the release.
Bank of America Merrill Lynch, Goldman Sachs, and JPMorgan Chase are the offering's joint book running managers.