- First Republic Bank ( NYSE: FRC ) said Tuesday it will sell 2M shares in an underwritten public offering, sending its stock 2.1% lower after the bell.
- The company granted the underwriters a 30-day option to buy up to an additional 300K shares.
- Net proceeds will be used for general corporate purposes, which may include funding loans or buying investment securities.
- The offering is expected to close on or about February 10.
- Earlier, First Republic ( FRC ) Q4 results topped estimates .
For further details see:
First Republic Bank slips 2% after the bell on stock offering