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First Republic Bank (FRC)
Deutsche Bank Global Financial Services Investor Conference
May 22, 2012 10:20 am ET
Jim Herbert – Chief executive Officer
Glenn Degenaars - Senior Managing Director and Portfolio Manager, First Republic Investment Management
Pamela Joyner - Director
Michele Celestino – Managing Director
Anna Legio- Managing Director
Dave Rochester - Deutsche Bank
PresentationDave Rochester - Deutsche Bank
Good morning, everyone. I think we will go ahead and get started here. I am Dave Rochester. I'm the mid cap banks analyst here at Deutsche Bank.
It is my pleasure to introduce management team of First Republic Bank, its ticker, FRC. First Republic is a $30 billion asset bank, well over $4 billion in market cap. The bank is solely focused on catering to the high net worth customer segment. It has a bicoastal footprint in regions with large concentrations of high net worth customers, including San Francisco, L.A., New York and Boston, all of which combined account for just over 50% of the high net worth households in the U.S.
It has an estimated 16% market share in this segment in San Francisco, is in a process of building out a platform in Boston and New York. There is a whole lot of opportunity there which we will hear more about. I think this is easily one of the higher quality banks that I cover, among the strongest growth banks certainly in my coverage with the unique model that has really indicative of the success of this bank.