First Republic Bank (FRC) in San Francisco has appointed a new chief operating officer and extended the employment contracts for its chief executive and president.

Mike Selfridge, 46, was promoted to COO of the $42 billion-asset private bank and wealth management company, according a Wednesday press release. He joined the company two years ago and has served as deputy COO of the bank. Before joining First Republic, he was head of regional banking at Silicon Valley Bank in Santa Clara, Calif.

Selfridge's "additional responsibilities reflect the valuable contribution he has made to the company and his promotion is part of our ongoing plan to ensure the long-term depth of First Republic's leadership team," Chairman and Chief Executive Jim Herbert said in the release.

First Republic's president, Katherine August-deWilde, had held the additional role of COO since 1996.

The company also announced that it had extended the employment contracts for Herbert and August-deWilde for an additional year. Herbert will now remain as chairman and CEO until June 30, 2017, and as chairman through Dec. 31, 2020. August-deWilde will remain as president until Dec. 31, 2015 and will serve as senior advisor through Dec. 31, 2017.

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