the bank based in san francisco . for the defunct bank based in dallas see first republic bank corporation . first republic bank type public traded as nyse frc industry banking financial services investment services founded 1985 headquarters san francisco ca usa area served california united states key people james h. herbert ii chairman and ceo products consumer banking corporate banking global wealth management mortgages total assets us 59.0 billion 2015 1 2 us 62.1 billion q1 2016 2 total equity us 5.7 billion 2015 3 us 5.98 billion q1 2016 2 subsidiaries first republic investment management inc. first republic securities company llc first republic trust company first republic trust company of delaware llc website firstrepublic.com first republic bank is a bank and wealth management company offering personal banking business banking trust and wealth management services . based in san francisco first republic and its four subsidiaries 4 5 focus on private banking private business banking and private wealth management including investment trust and brokerage services . 6 the bank specializes in single point customer service 7 through approximately 60 offices on the east and west coasts of the united states including in san francisco palo alto los angeles santa barbara newport beach san diego portland palm beach boston greenwich and new york city . 6 8 founded in 1985 as first republic bancorp inc. 9 the bank went public in 1986 9 and was acquired by merrill lynch in 2007 retaining its general independence . 10 merrill lynch and first republic were acquired by bank of america in 2008 11 and first republic subsequently avoided significant difficulties in the 2008 financial crisis 12 by shunning subprime mortgages and other toxic assets . 12 in 2009 first republic was sold to a constortium of investors for about 1 billion 12 in one of the only bank sales in 2009 not to require assistance from the federal deposit insurance corporation . 12 in 2010 first republic went public again with an initial public offering 13 and by early 2016 the bank had assets valued at us 62.1 billion . 2 contents 1 history 1.1 founding as first republic bancorp 1985 1999 1.2 changes in ownership 2000 2009 1.3 sale from bank of america and ipo 2009 2010 1.4 acquisitions and growth 2012 2015 1.5 recent developments 2015 2016 2 overview 2.1 business model 2.2 branch locations 2.3 management 3 philanthropy and civic involvement 3.1 financial education 3.2 loans and housing 4 awards and recognition 5 see also 6 references 7 external links history edit founding as first republic bancorp 1985 1999 edit first republic bank was founded in july 1985 14 by james h. herbert ii and roger walther . 15 the company initially operated as a thrift institution disambiguation needed based in san francisco california . 9 formed with ten employees 15 as first republic bancorp inc. 9 herbert became founding ceo and joined the board 16 while walther took on the role of founding chairman . 15 first republic s first chief financial officer katherine august dewilde joined a few months later . 15 the bank went public in 1986 17 with shares put up for sale on the new york stock exchange and the pacific stock exchange under the frc symbol . 9 among other entities general atlantic was an early investor in the firm putting up about 5 million in 1987 . 12 in the late 1980s first republic made the transition to a savings bank . 18 in december 1993 first republic bancorp acquired the silver state thrift and loan association in nevada a loan company with approximately 2 million in assets . 19 first republic bancorp had two branches in las vegas and 11 in california by the summer of 1997 with 2.2 billion in assets . 9 in september 1997 company shareholders approved the elimination of its existing holding company structure by merging into its sole subsidiary with the new entity to be named first republic bank . the restructuring changed the company from a thrift institution into a commercial bank and allowed it to begin offering deposit checking accounts to corporations and partnerships as compared to only individual and non profit accounts . 9 by the end of 1997 first republic s assets had risen to roughly 2.5 billion . 18 after opening a branch in new york city 18 by 1999 the following year the company had branches in 19 locations . 20 the bank remained a publicly held bank specializing in luxury home lending private banking and business banking with many clients in the entertainment industry . 20 first republic also maintained a 20 percent stake in trainer wortham a new york based investment advisory firm . 18 changes in ownership 2000 2009 edit still publicly traded first republic 15 began expanding in the northeast united states in 2006 as well as along the west coast and the pacific northwest . that year first republic also purchased the bank of walnut creek near san francisco . 21 first republic was financially involved with industries such as wine venture capital and nonprofits by 2006 and served as a banker and luxury home mortgage lender to many wealthy individuals . 21 in january 2007 first republic announced that it would be purchased by merrill lynch for 1.8 billion . 21 first republic s stock value rose significantly after the announcement 21 with controlled banking assets reaching approximately 10 billion later that year . 15 the merrill lynch transaction was finalized on september 21 of 2007 . 10 under the terms of the acquisition first republic continued to operate as an independent business 22 with its own name . 21 first republic called it a terrific opportunity for our clients as well as our employees with virtually all 15 of their 1 100 employees 15 retaining their positions 21 and first republic s management structure left intact . 15 herbert remained ceo while former coo katherine august dewilde remained president . 21 headquarters remained in san francisco 21 with republic s approximately 60 offices remaining operational . 15 merrill lynch which still had ownership of first republic was acquired by bank of america on september 15 2008 11 with the purchase completed in early 2009 . 15 first republic again retained its independence while a bank of america subsidiary . 23 serving mainly customers in california new york and nevada 12 as of september 2009 first republic had 19 billion in total assets 16 billion in deposits and 15 billion in wealth management assets under management . 12 first republic had also avoided significant difficulties in the 2008 financial crisis . 12 explained the new york times in 2009 first republic largely stayed clear of subprime mortgages and other toxic assets that have crippled other banks . 12 sale from bank of america and ipo 2009 2010 edit in october 2009 bank of america sold first republic to a constortium of investors for about 1 billion . 12 herbert led the sale 24 explaining that bank of america decided first republic was duplicative to its own very sophisticated private banking operations . 15 the investment consortium included both herbert and first republic s president katherine august dewilde as well as the two private equity firms colony capital and general atlantic . 25 together the equity firms purchased just under 50 % of first republic s stock . 12 the deal closed on july 1 2010 with an infusion of a 1.86 billion in capital funds . 15 according to new york times the sale was one of the only bank sales in 2009 not to require assistance from the federal deposit insurance corporation . 12 first republic had around 1 400 employees by the summer of 2010 15 with approximately 60 offices 15 primarily situated in california . 15 continuing to specialize in luxury home loans and provides banking brokerage trust and investment services to private and commercial clients 15 first republic controlled banking assets of around 20 billion with 18 billion in deposits and 15 billion in wealth management assets . 15 first republic went public again in 2010 raising 280 million in an initial public offering of common stock in november on the new york stock exchange again as nyse frc . 17 as a result first republic s private equity shareholders made about a 70 % return in five months . 24 bloomberg wrote that the company went public in 2010 leaving just about every other bank stock in its dust . 13 herbert stated the influx of funds would be used to make acquisitions expand its branch network and recruit bankers and money managers . 17 in 2011 first republic joined the russell global russell 3000 and russell 1000 stock market indices adding to its listings on the s & p total market index the wilshire 5000 total market indexsm and six dow jones indices . 26 acquisitions and growth 2012 2015 edit first republic purchased los angeles based luminous capital llc in december 2012 . 27 assets that year totaled us 32.6 billion while equity was 3.2 billion . 28 as of 2013 first republic s stock was in part owned by other institutions and hedge funds including select equity group john armitage renaissance technologies conatus capital management and osterweis capital management . 24 by early 2014 first republic was preparing to reach 50 billion in assets 29 by focusing on regulations adding staff and making substantial investments in infrastructure . 29 on december 21 2014 american banker announced that they had named herbert their banker of the year opining that james herbert s bank is thriving by delivering top notch service and maintaining strict underwriting standards at a time when many banks are struggling to increase revenues and undercutting each other to win loan business . 30 san francisco business times stated the win was for achieving dramatic growth at the san francisco based bank while keeping credit losses low . 31 as of january 2015 first republic had a client roster including high profile americans such as quincy jones larry king and clorox ceo craig sullivan . 31 first republic began offering paid six week parental leave for all of its employees in the first quarter of 2015 . 32 in june 2015 it was announced the first republic had purchased constellation wealth advisors an ria for 115 million . 27 after protests on august 27 2015 in san francisco alleging that first republic was financing and therefore enabling investors using the ellis act to evict apartment residents that day first republic added a clause into its business dealings that if we are aware that the owner intends to utilize the ellis act before a loan is made we will not make the loan . 33 first republic bank surpassed its projected benchmark of 50 billion in total assets in the third quarter of 2015 soon reaching 52 billion . 29 34 herbert explained that first republic s growth rate resulted from its simple structure and operating model . 29 recent developments 2015 2016 edit by december 2015 first republic had assets valued at usd 55.4 billion . 23 that month first republic extended herbert s contract until december 31 2017 with herbert continuing to serve as both chairman and ceo . 6 after that date it was announced that he would relinquish the ceo title while remaining executive chairman until december 31 2021 . 23 american banker opined that first republic s recent stock value was likely a reason for the extension reporting that since first republic was spun off from bank of america its assets have nearly tripled and the value of its stock has increased roughly 140 % . 23 the company s tier 1 leverage ratio was 9.38 % as of march 31 2016 while its total risk based capital ratio was 13.80 % . 35 also at the time 57 % of their loans were considered residential mortgage loans and the bank