First Republic Prices Stock Offering

(RTTNews) - First Republic Bank (FRC) said Tuesday that it has priced an underwritten public offering of 4 million shares of its common stock.

First Republic has also granted the underwriters a 30-day option to purchase up to an additional 600,000 shares from the company at the public offering price less the underwriting discount.

Closing of the offering is expected to occur on or about March 21.

First Republic plans 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 represents the first common equity primary issuance by First Republic since its initial public offering on December 8, 2010.