SAN FRANCISCO--(BUSINESS WIRE)--First Republic Bank (NYSE:FRC), a leading private bank and wealth management company, said that Standard & Poor’s has reaffirmed the bank’s rating and revised its outlook to ‘Positive’ from ‘Stable.’
In a news release dated, June 24, 2011, Standard & Poor’s also said:
- “First Republic has increased its capital levels, maintained near-pristine credit quality, and gained access to the public equity markets in the past year.”
- “We are changing our outlook to Positive from Stable and affirming our counterparty credit rating on the bank.”
- “We could upgrade First Republic if capital and credit quality remain strong and the bank further increases its fee income.”
“S&P’s revision to ‘Positive’ from ‘Stable’ affirms the strength of our enterprise, our continued focus on strong credit and carefully controlled growth,” said Jim Herbert, Chairman and Chief Executive Officer of First Republic Bank.
The S&P news release can be viewed at http://www.firstrepublic.com/aboutus/press/pdfs/ratings.pdf.
About First Republic Bank
First Republic Bank (NYSE:FRC) and its subsidiaries provide private banking, private business banking and private wealth management. Founded in 1985, First Republic specializes in exceptional, relationship-based service offered through preferred banking or wealth management offices primarily in San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach, San Diego, Portland, Boston, Greenwich and New York City. First Republic offers a complete line of banking products for individuals and businesses, including deposit services, as well as residential, commercial and personal loans. First Republic is a component of the S&P Total Market Index, the Wilshire 5000 Total Market IndexSM, and six Dow Jones indices. More information is available on the Bank’s website at www.firstrepublic.com.