First Republic Bank in San Francisco has announced a deal to buy First Signature Bank and Trust of Portsmouth, N.H., from John Hancock Financial Services Inc.
First Republic said Wednesday that it would pay tangible book value, plus a modest premium, for First Signature. It is a private bank that offers investment management, brokerage, and trust services.
The deal is expected to help First Republic expand its private banking, private business banking, and wealth management operations in the Northeast. The California bank has three offices in Manhattan and two loan production offices in the Boston-New Hampshire region. Its Trainer Wortham & Co. investment management subsidiary is headquartered in New York.
First Signature is a wholesale bank with an office in New Hampshire. The deal's closing is expected to leave First Signature with about $400 million of liabilities, primarily certificates of deposit, and its assets are expected to consist primarily of cash. The operations of First Signature are to be merged into those of First Republic after the deal closes.
