SAN FRANCISCO – (COMMERCIAL THREAD) –Bank of the First Republic (NYSE: FRC), a leading private bank and wealth management company, today announced that its board of directors has extended the contract of founder, chairman and CEO Jim Herbert to December 31, 2022 , after which he will become executive chairman. The Board of Directors has also entered into a contract with Hafize Gaye Erkan as co-CEO, sharing CEO responsibilities with and reporting to Mr. Herbert. In addition, Ms. Erkan will continue to serve as Chair and Director of the Board of Directors.
“By expanding and improving their collaboration, the Board believes that Jim and Gaye’s partnership is a strong combination that will continue to build on First Republic’s differentiated business model and exceptional service, delivering strong organic growth and a return on investment for shareholders, ”said Reynold Levy, Senior External Director.
“Gaye has made a significant contribution to our performance as a company for the past seven years, and I look forward to continuing our successful partnership, ”said Jim Herbert. “His considerable expertise in financial services has had a valuable and fruitful impact on the future development of our customer-centric business model. ”
“The historic success of First Republic is built on our culture of taking care of every customer and colleague, one at a time, ”said Hafize Gaye Erkan. “I am honored to be named Co-CEO and look forward to continuing to build on the long-term success of the company, alongside Jim and our entire management team.
About First Republic Bank
Founded in 1985, First Republic and its subsidiaries provide private banking, corporate private banking and private wealth management services, including investment, trust and brokerage services. First Republic specializes in providing exceptional relationship services and offers a full range of products including residential, business and personal loans, deposit services and wealth management. Services are offered through preferred banking or wealth management offices primarily in San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach and San Diego, California; Portland, Oregon; Boston, Massachusetts; Palm Beach, Florida; Greenwich, Connecticut; New York, New York; and Jackson, Wyoming. First Republic is included in the S&P 500 Index and the KBW Nasdaq Bank Index. For more information visit firstrepublic.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this press release that are not historical facts are hereby identified as “forward-looking statements” for the purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Any statement regarding our expectations, beliefs, plans, predictions, forecasts, goals, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made using words or phrases such as “anticipates”, “believes”, “may”, “could”, “could”, “may”, “predict”, “Is going”, “estimates”, “plans”, “plans”, “continues”, “in progress”, “expects”, “intends” and similar words or expressions. Therefore, these statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed therein.
Forward-looking statements involving such risks and uncertainties include, without limitation, statements regarding: projections of loans, assets, deposits, liabilities, income, expenses, tax liabilities, net income, capital expenditures, cash, dividends, capital structure, investments or other financial items; expectations vis-à-vis the banking and wealth management sectors; descriptions of management plans or objectives for future operations, products or services; forecasts of future economic conditions in general and in our markets in particular, which may affect the ability of borrowers to repay their loans and the value of real estate or other property held as security for such loans; our growth opportunities and expansion plans (including the opening of new offices); expectations regarding the performance of any new office; projections on the amount and value of intangible assets, as well as the amortization of recorded amounts; future provisions for credit losses on loans and debt securities, as well as for unfunded loan commitments; changes in unproductive assets; expectations regarding the impact and duration of COVID-19; projections of future levels of lending or loan repayments; cost projections, including the impact on our efficiency ratio; and descriptions of the assumptions underlying or related to any of the foregoing.
Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to: significant competition to attract and retain banking and wealth management clients, from both traditional and non-traditional financial services and technology companies; our ability to recruit and retain key executives, employees and board members; natural or other disasters, including earthquakes, forest fires, pandemics or acts of terrorism affecting the markets in which we operate; the negative impacts and disruption resulting from COVID-19 on our colleagues and clients, the communities we serve and the national and global economy, which may adversely affect our business, financial condition and results of operations; interest rate risk and credit risk; our ability to maintain and monitor high underwriting standards; economic and market conditions, including those affecting the valuation of our investment securities portfolio and credit losses on our loans and debt securities; real estate prices in general and in our markets; our geographic and product concentrations; demand for our products and services; developments and uncertainties relating to the future use and availability of certain benchmark rates, such as the London Interbank Offered Rate and the 11th District Weighted Average Cost of Funds Index, as well as other alternative reference; the regulatory environment in which we operate, our regulatory compliance and future regulatory requirements; any future changes in regulatory capital requirements; laws and regulations affecting us and the financial services industry, such as the Dodd-Frank law on Wall Street reform and consumer protection (the “Dodd-Frank law”), including increased costs compliance, business limitations and additional capital holding requirements as well as changes to the Dodd-Frank Act in accordance with the Economic Growth, Regulatory Relief and Consumer Protection Act; our ability to avoid litigation and the associated costs and liabilities; future Federal Deposit Insurance Corporation (“FDIC”) special assessments or changes to regular assessments; fraud, cybersecurity and privacy risks; and the personalized technology preferences of our customers and our ability to successfully execute initiatives related to the improvement of our technology infrastructure, including systems and applications for customers. For a discussion of these and other risks and uncertainties, see documents filed by First Republic with the FDIC, including, but not limited to the risk factors in First Republic’s annual report on Form 10 -K and all subsequent reports filed by First Republic with the FDIC. These documents are available in the Investor Relations section of our website.
All forward-looking statements are necessarily only estimates of future results, and there can be no assurance that actual results will not differ materially from expectations, and, therefore, you are cautioned not to place undue reliance on such statements. All forward-looking statements are qualified in their entirety by reference to factors discussed throughout our public documents under the Exchange Act. In addition, any forward-looking statement speaks only as of the date on which it is made, and we do not undertake to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unforeseen events.