FRC - This Bank Is Better at Customer Service Than Just About Anyone Else
Talk to any bank CEO, and the one thing they're guaranteed to say is that their institution has superior customer service. It's a line so common that I've stopped paying attention to it.
But at the $153-billion-asset First Republic Bank (NYSE: FRC) , customer service isn't just real -- it's actually the strategic advantage that has turned the bank into a powerhouse and driven up the stock. At Tuesday's prices, shares of First Republic are trading around $192, the highest they have ever been. The bank now trades around 319% of tangible book value (equity minus goodwill and intangible assets), and it's really because of its relationship-driven model.
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This Bank Is Better at Customer Service Than Just About Anyone Else