SAN FRANCISCO (
) -- First Republic Bank is planning to file for an initial public offering, according to a regulatory filing, just months after
Bank of America
divested the business.
The San Francisco-based bank caters to the wealthy set, primarily in California, New York and Boston. It was acquired by
in 2007, which was then acquired by Bank of America. BofA sold First Republic to private-equity firms Colony Capital and General Atlantic earlier this year for $1.86 billion as part of its efforts to raise capital by divesting non-core assets. That deal closed in July.
In a filing with the
Federal Deposit Insurance Corp.
, First Republic management says it plans to use offering proceeds to expand its existing footprint. Some existing shareholders are also exiting their positions. It plans to list its shares on the New York Stock Exchange under the symbol "FRC."
However, the bank doesn't say when the IPO will occur or how much equity will be sold.
As of Sept. 30, First Republic had assets of $21.95 billion, including deposits of $19 billion. Its profit declined 18% to $66.4 million in the most recent quarter.
>>> What Assets Might Bank of America Sell?
>>>BofA Downshifts on First Republic Sale
>>>Colony Financial Completes First Republic Bank Acquisition
-- Written by Lauren Tara LaCapra in New York
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