First Republic Bank, a California-chartered commercial bank and trust company headquartered in San Francisco, announced terms for its IPO on Monday. According to its offering circular, the San Francisco, CA-based company plans to raise $281 million by offering 11 million shares at a price range of $24-$27. At the mid-point of the proposed range, First Republic Bank will command a market value of $3.3 billion. The bank, which was founded in 1985, was bought by Bank of America through its acquisition of Merrill Lynch in January 2009 and then sold to private equity firms General Atlantic and Colony Capital later that year. It operates 61 branches and booked $1.3 billion in interest and non-interest income last year. First Republic Bank plans to list on the NYSE under the symbol FRC. BofA Merrill Lynch, Morgan Stanley and J.P. Morgan are the lead underwriters on the deal, which is expected to price during the week of December 6, along with nine other deals currently scheduled on the IPO calendar.
