First Republic Bank in San Francisco plans to raise around $100 million in a stock offering and use the proceeds to fund its growth.
The $48.4 billion-asset said Tuesday that is selling 4 million depositary shares, each representing 1/40th interest in a share of preferred stock, at a price of $25.00 each. The shares are being sold through an offering circular, and the underwriters have an option to buy more shares at the offering prices less an underwriting discount.
The bank said in the release that it plans to use the funds for corporate purposes, ranging from funding loans to purchasing investment securities for its portfolio.
Merrill Lynch, Pierce, Fenner & Smith Inc., Morgan Stanley and Wells Fargo Securities will serve as joint book-running managers for the offering.