First Republic Bank, the San Francisco lender sold to private-equity firms by Bank of America Corp. at midyear, plans to raise about $280.5 million in an initial public offering.
First Republic will sell 11 million shares at $24 to $27 each, it said Monday. After deducting fees, expenses and the cash that goes to selling shareholders, proceeds to the company would be $92.4 million, assuming an offering price of $25.50, according to the firm. Owners include General Atlantic LLC and Colony Capital LLC.
The investors paid $1.86 billion for First Republic, according to its offering. Bank of America gained control of the firm when it took over Merrill Lynch & Co. in January 2009. Merrill Lynch paid $1.8 billion for the bank in 2007.
Institutional and individual holders are selling 7 million shares, and the firm is to offer 4 million.