Five months after Bank of America sold it off to private equity firms, First Republic Bank announced today that it plans to go public. The firm plans to raise $285.1 million, and will sell 11 million shares of common stock at an estimated price range of $24 to $27 per share.
Led by Jim Herbert, chairman and chief executive, and Katherine August-deWilde, president and chief operating officer, the San Francisco-based private banking and wealth management firm had $22 billion in assets and $19 billion in deposits as of September 30.
Merrill Lynch acquired First Republic in 2007, and then Bank of America took control of the firm when it acquired Merrill in 2009. In July, a management team and private investors led by General Atlantic and Colony Capital paid $1.86 billion to take control of the bank.
First Republic currently has 124 million shares of common stock outstanding and is offering 4 million for sale, while institutional and individual holders are selling 7 million shares.
Four shareholders each own 21.8 percent of the bank’s stock, and will each sell a two percent stake. Those shareholders are private equity firms General Atlantic and Colony Capital, and directors Thomas Barrack and William Ford.
