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First Republic Bank in San Francisco has agreed to purchase Constellation Wealth Advisors for about $115 million.
June 17 -
The U.S. version of an international liquidity rule may include additional factors that make it harder to accurately compare between banks or examine the same institutions liquidity holdings over time, according to a paper issued Wednesday by the Office of Financial Research.
October 7 -
Dave McKay, the president and CEO of Royal Bank of Canada, has spent much of his time as head of the second-largest Canadian bank plotting the acquisition of the coveted $36 billion-asset City National in Los Angeles. Now he has to execute on a strategy of cross-selling products to affluent customers of both banks while expanding geographically.
November 5
First Republic Bank in San Francisco plans to raise up to $230 million from an offering of common stock.
The $55 billion-asset bank plans to use the proceeds to fund loans or purchase investment securities, according to a Monday news release. First Republic will issue 3 million shares at $66.33 per share; the offering includes a 450,000-share overallotment option. The sale is expected to close by Friday.
First Republic's purchase of investment securities would likely consist of U.S. Treasury bills or similar securities that would count toward the new liquidity coverage ratio rule, which the Fed finalized in September 2014, Aaron James Deer, an analyst at Sandler O'Neill, wrote in a Tuesday research note.
First Republic said in June that it had agreed to acquire
Bank of America Merrill Lynch, Goldman Sachs, JPMorgan Chase and Morgan Stanley are managing the offering. Sullivan & Cromwell is legal counsel to First Republic.
