FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report
May 29, 1997
FIRST REPUBLIC BANCORP INC.
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(Exact name of registrant as specified in its charter)
Delaware 0-15882 94-2964497
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
388 Market Street
San Francisco, CA 94111
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(Address of principal executive office) (Zip Code)
(415) 392-1400
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(Registrant's telephone number, including area code)
Not applicable
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(Former name, former address, if changed since last report)
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FIRST REPUBLIC BANCORP INC. Page 2
Item 5. Other Events
First Republic Bancorp Inc. hereby files with the Securities and Exchange
Commission (the "Commission") its press release, dated May 28, 1997,
concerning its announcement that it is no longer pursuing sale of the
Company to another party and that it has increased by 500,000 shares its
authorized stock repurchase plan.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
First Republic Bancorp Inc.
(Registrant)
Date: May 29, 1997 -------------------------
Willis H. Newton, Jr.
Senior Vice President and
Chief Financial Officer
<PAGE>
FOR IMMEDIATE RELEASE
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FIRST REPUBLIC BANCORP INC. SAYS IT WILL NOT PURSUE
THE SALE OF CONTROL TO ANOTHER PARTY;
ANNOUNCES INCREASE IN STOCK REPURCHASE PROGRAM
Common Stock Symbol - FRC
New York/Pacific Exchanges
San Francisco, California, May 28, 1997 - First Republic Bancorp Inc.
(the "Company") announced today that it has advised its investment banker,
Montgomery Securities, to no longer search for strategic alternatives that
would result in the acquisition of the Company by another party. First Republic
said, however, that it would continue reviewing and assessing the possibility
of strategic alliances and the acquisition of other entities.
The Company also announced that its Board of Directors has
increased, by up to an additional 500,000 shares, the number of shares
authorized for repurchase from time to time, either in open-market
transactions or in block purchases. The Company initiated a stock repurchase
program in June 1993. To date, the Company has repurchased an aggregate total
of 486,000 shares and there is remaining authorization to repurchase 170,000
shares. The newly authorized shares bring the total authorized repurchase plan
to 670,000 shares. The Company presently has 10,030,000 shares issued and
outstanding.
The Company has total assets of $2.2 billion and functions as a direct
lender as well as a mortgage banker through its FDIC-insured, Nevada chartered
thrift company subsidiary. First Republic Savings Bank provides both loan and
deposit services from thirteen locations in San Francisco, Los Angeles, Beverly
Hills and San Diego, California and in Las Vegas, Nevada.
For further information call:
Mr. Owen Blicksilver
Principal Communications
875 3rd Avenue
New York, NY 10022
(212)303-7603
