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