The rapidly expanding First Republic Bank (FRC) will open a branch in the wealthy south Florida enclave of Palm Beach, its first office in the Sunshine State.
The $31 billion-asset bank, whose clientele includes Facebook founder Mark Zuckerberg, will open the Palm Beach branch in October, the South Florida Business Journal reported Friday. First Republic has said it plans to open up to 10 new offices this year. The majority of its offices are in California and it also has branches in the Northeast, Las Vegas and Portland, Ore.
First Republic targets businesses and wealthy individuals and as part of that strategy, it opened a private banking office in downtown Los Angeles last month.
Employee compensation has risen with the branch expansion. The San Francisco-based company said overhead, including salaries, rose 24% in the second quarter, from a year earlier.