First Republic Bank in San Francisco is looking to raise $287 million from a secondary offering.
The $68 billion-asset bank said Tuesday that it plans to sell 3.5 million shares of common stock at $84.69 each. The offering is expected to close on Nov. 18.
The bank has also granted underwriters a 30-day option to purchase up to an additional 525,000 shares. Bank of America Merrill Lynch, J.P. Morgan, Morgan Stanley and UBS Investment Bank are the book running managers.
First Republic intends to use the net proceeds for general corporate purposes that may include funding loans or purchasing investment securities for its portfolio.
The common stock offering is the bank's fourth in less than three years, according to the financial analyst firm Evercore ISI. First Republic in June raised $178 million through a common stock offering, the proceeds of which were to be used for the same purposes as stated for those in the latest offering.