First Republic Bank (NYSE:FRC), a leading private bank and wealth management company, today announced that its Board of Directors has extended the employment contract of Chairman and Founding Chief Executive Officer Jim Herbert.

The Board approved an extension of Herbert's contract as Chairman and CEO through Dec. 31, 2020, following which he will serve as Executive Chairman through Dec. 31, 2025. Herbert is the Bank's founding CEO and has led the institution since it was established in 1985.

"Under Jim's leadership, First Republic has become one of the strongest financial institutions in America, recognized for delivering exceptional service to clients and outstanding financial performance to investors," said Lead Outside Director Reynold Levy. "The Board is very pleased to extend Jim's service as Chairman and CEO."

The Bank's Board also ratified the appointment of Hafize Gaye Erkan as President. As President, Erkan will work closely with all members of the executive management team in executing and further improving the Bank's successful, increasingly technology-enabled, relationship-based business model. Erkan will also retain her existing responsibilities heading the Bank's deposit franchise and investment portfolio.

Erkan has been part of the executive management team since joining First Republic three years ago and was an advisor to the Bank for the prior two years. Before joining First Republic, she worked for nine years at Goldman Sachs, most recently as Managing Director and Head of Financial Institutions Group Strats. Erkan has a Ph.D in Operations Research and Financial Engineering from Princeton University and a Bachelor of Science degree from Bogazici University in Turkey.

"Gaye is an exceptional financial services executive who has already made a significant impact on First Republic," Herbert said. "Along with our very strong executive team, Gaye is focused on supporting and further developing First Republic's client-centric business model and culture."

About First Republic Bank

Founded in 1985, First Republic and its subsidiaries offer private banking, private business banking and private wealth management, including investment, trust and brokerage services. First Republic specializes in delivering exceptional, relationship-based service, with a solid commitment to responsiveness and action. Services are offered through preferred banking or wealth management offices primarily in San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach and San Diego, California; Portland, Oregon; Boston, Massachusetts; Palm Beach, Florida; Greenwich, Connecticut; and New York, New York. First Republic offers a complete line of banking products for individuals and businesses, including deposit services, as well as residential, commercial and personal loans. For more information, visit firstepublic.com.

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