FRC - First Republic Bank prices ~$353.3M stock offering
- First Republic Bank ( NYSE: FRC ) shares dropped ~3% pre-market on Tuesday after the firm priced its underwritten public offering of 2.25M shares of its common stock for expected gross proceeds of ~$353.3M.
- Underwriters have been granted a 30-day option to purchase up to an additional 337,500 shares from First Republic.
- Net proceeds from the offering will be used for general corporate purposes, which may include, among other things, funding loans or purchasing investment securities for its portfolio.
- The offering is expected to close on or about August 4, 2022.
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First Republic Bank prices ~$353.3M stock offering