FRC - First Republic Bank under pressure on pricing public offering

First Republic Bank (FRC) -2.9% PM, priced its underwritten public offering of 1.5M shares for expected gross proceeds of ~$198.3M.Underwriters granted a 30-day option to purchase additional 225K shares.Proceeds to be used for general corporate purposes, which may include, among other things, funding loans or purchasing investment securities for its portfolio.Offer close expected to occur on or about Nov.16, 2020.Previously: First Republic Bank plans 1.5M-share public offering (Nov.11)

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First Republic Bank under pressure on pricing public offering