First Republic Bank ("First Republic") (NYSE: FRC), a leading private bank and wealth management company, today announced it is calling for redemption of all of the outstanding depositary shares (the "Series B Depositary Shares") relating to its 6.20% Noncumulative Perpetual Series B Preferred Stock (the "Series B Preferred Stock"). There are currently 6,000,000 issued and outstanding Series B Depositary Shares, each representing a 1/40th interest in a share of Series B Preferred Stock (NYSE: FRC-PRB, CUSIP No. 33616C407).

The Series B Depositary Shares will be redeemed on June 16, 2017 (the "Redemption Date") at a redemption price of $25.00 per Series B Depositary Share, representing an aggregate amount of $150,000,000, plus all accrued and unpaid dividends to the Redemption Date (the "Redemption Price"). The Redemption Price will not accrue interest from the Redemption Date. On and after the Redemption Date, the Series B Depositary Shares will no longer be deemed outstanding and no further dividends will be declared on the Series B Depositary Shares.

The notice of redemption specifying the terms, conditions and procedures for the redemption (the "Redemption Notice") will be mailed to holders of record of Series B Depositary Shares, and is available by contacting Computershare Inc. or Computershare Trust Company, N.A. ("Computershare"), the transfer agent for the Series B Depositary Shares, by mail at 250 Royall Street Canton, MA 02021 Attention: Corporate Actions, 1-855-396-2084 (1-781-575-2765 outside the United States and Canada). Questions regarding the redemption of the Series B Depositary Shares may be directed to Computershare.

This press release does not constitute a notice of redemption under the certificate of designation governing the Series B Depositary Shares and is qualified in its entirety by reference to the Redemption Notice issued by First Republic.

Consistent with past practice, First Republic intends to continue to approach the capital markets opportunistically and may publicly offer its securities from time to time, including common stock, preferred stock and debt securities, for primary capital or refinancing purposes.

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