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James Herbert's bank is thriving by delivering top-notch service and maintaining strict underwriting standards at a time when many banks are struggling to increase revenues and undercutting each other to win loan business.
December 21 -
Although Congress may soon tackle whether to raise the $50 billion "systemic" threshold for banks, First Republic CEO James Herbert says the bank must still invest heavily in hiring the necessary staff to help it deal with the additional regulation from such a designation.
October 16
First Republic Bank in San Francisco has agreed to purchase Constellation Wealth Advisors for about $115 million.
The $51 billion-asset bank will acquire all of Constellation's assets, according to a news release. Constellation had $6.1 billion in assets under management as of March 31. The deal is expected to close in the third quarter.
In addition, Constellation's six partners have signed long-term employment contracts with First Republic as part of the agreement.
First Republic said the deal is expected to be modestly accretive to earnings this year.
Constellation has offices in New York and Menlo Park, Calif.
