First Republic Announces Preferred Stock Offering

First Republic Bank (“First Republic”) (NYSE:FRC), a private bank and wealth management company, today announced a public offering of depositary shares, each representing a 1/40th interest in a share of First Republic’s Noncumulative Perpetual Series B Preferred Stock, at a public offering price of $25.00 per depositary share. In addition, First Republic will grant the underwriters an option for up to 30 days to purchase additional depositary shares at the public offering price less the underwriting discount. First Republic expects to use the net proceeds from the offering for general corporate purposes, which may include, among other things, funding loans or purchasing investment securities for its portfolio. The offering will also offset the impact on Tier 1 capital of a possible redemption by First Republic’s subsidiary, First Republic Preferred Capital Corporation (“FRPCC”), of FRPCC’s 7.25% Noncumulative Perpetual Series D preferred stock. The redemption of FRPCC’s Series D preferred stock would cause a one-time reduction in net income available to the Bank’s common shareholders of $13.2 million, or $0.10 per share, in the quarterly period that FRPCC redeems its Series D preferred stock.

Morgan Stanley, Merrill Lynch, Pierce, Fenner & Smith Incorporated and J.P. Morgan are serving as joint book-running managers.

The offering will be made only by means of an offering circular. The preliminary offering circular relating to the offering is available at www.frc-offering.com. Copies of the preliminary offering circular may also be obtained from Morgan Stanley, Attention: Prospectus Department, 180 Varick Street, New York, New York 10014, or by email at [e-mail]; from Merrill Lynch, Pierce, Fenner & Smith Incorporated, 4 World Financial Center, New York, NY 10080, Attn: Prospectus Department or by emailing [e-mail]; or from J.P. Morgan Securities LLC, 383 Madison Avenue, New York, NY 10017, Attn: Investment Grade Syndicate Desk, phone: [phone].

About First Republic

First Republic Bank and its subsidiaries provide private banking, private business banking and private wealth management. Founded in 1985, First Republic specializes in exceptional, relationship-based service offered through preferred banking or wealth management offices primarily in San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach, San Diego, Portland, Boston, Greenwich and New York City. First Republic offers a complete line of banking products for individuals and businesses, including deposit services, as well as residential, commercial and personal loans. First Republic is a component of the S&P Total Market Index, the Wilshire 5000 Total Market Index ^SM, the Russell 1000 ^®, Russell 3000 ^® and Russell Global indices and six Dow Jones indices.

This press release is for informational purposes only and shall not constitute an offer to sell or a solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The securities are neither insured nor approved by the Federal Deposit Insurance Corporation.

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