SAN FRANCISCO (

TheStreet

) -- Shares of

First Republic Bank

(FRC) - Get Report

were up 8% to $27.46 in early trading Thursday, following an initial offering at $25.50 a share.

First Republic is selling 4,115,000 shares in an offering expected to close on December 14, with the underwriters having a 30-day option to up to 1,650,000 additional shares at the initial offering price.

The offering's joint book-running managers are

Bank of America Merrill Lynch

(BAC) - Get Report

,

Morgan Stanley

(MS) - Get Report

and

JPMorgan Chase

(JPM) - Get Report

.

First Republic Bank had $22 billion in total assets as of June 30 and its wealth management assets totaled $17.2 billion.

First Republic has 61 offices in several California cities, Portland, Ore.; Boston; Greenwich, Conn.; and New York. The bank became independent on July 1, when management purchased the institution from Bank of America in a non-cash transaction.

Merrill Lynch had purchased First Republic in September 2007 for a combined $1.8 billion in cash and stock, and was later acquired by Bank of America in January 2009.

The bank expects to raise a net $95.2 million from the offering.

RELATED STORIES:

First BanCorp Shares Pop on Buyout Offer >>

Analyst Touts Washington Federal Upside >>

Three Banks Fail; Tally Up to 149 >>

Analyst: Marshall & Ilsley Fire Sale Unlikely >>

--

Written by Philip van Doorn in Jupiter, Fla.

>To contact the writer of this article, click here:

Philip van Doorn

.

>To follow the writer on Twitter, go to

http://twitter.com/PhilipvanDoorn

.

>To submit a news tip, send an email to:

tips@thestreet.com

.

Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.