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
June 23, 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)
<PAGE>
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 June
23, 1997, concerning its announcement of executing a letter of intent
to acquire a 19.9% equity interest in Trainer, Wortham & Company,
Inc., an investment advisory firm.
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: June 23, 1997 ----------------------------
Willis H. Newton, Jr.
Senior Vice President and
Chief Financial Officer
<PAGE>
FOR IMMEDIATE RELEASE
First Republic Intends to Purchase 19.9% of Investment Advisor
Trainer, Wortham & Company, Incorporated
San Francisco, June 23, 1997 - First Republic Bancorp Inc.
(NYSE: FRC) today announced that it has executed a letter of intent
to acquire, through its wholly owned subsidiary First Republic
Savings Bank, a 19.9% equity stake in Trainer, Wortham & Company,
Incorporated of New York City, one of the nation's oldest independent
investment advisory firms. The purchase price for this equity
interest is $7 million in cash and First Republic will have an option
for additional ownership in the future.
Trainer, Wortham, founded in 1924, manages in excess of $2
billion for high net worth individuals and institutional investors,
including foundation, endowment and Taft-Hartley clients. The firm
manages equity, fixed income and balanced accounts.
"We think our customers and shareholders will benefit from the
value that will be generated by offering Trainer, Wortham's
personalized brand of quality investment management to First
Republic's high net worth clientele." said James Herbert, President
of First Republic. "We serve much of the same type of client base
and Trainer, Wortham, like First Republic, has a reputation for
quality client service and performance."
"First Republic provides an immediate geographic expansion for
Trainer, Wortham and the opportunity to serve First Republic's well
established clientele," said Charles Moore, President of Trainer,
Wortham. "We look forward to bringing our strong, long-term track
record and personalized form of investment management to First
Republic's sophisticated customers."
Trainer, Wortham's current management has been together for
over 20 years and will continue to manage Trainer, Wortham from its
offices at 845 Third Avenue, New York, New York. A Trainer, Wortham
Managing Director and other personnel will relocate to First
Republic's executive offices in San Francisco. Mr. Herbert will join
Trainer, Wortham's board of directors and Mr. Moore will join First
Republic's board of directors.
The proposed transaction is scheduled to close in the third
quarter. The transaction is subject to regulatory approval and
execution of definitive agreements, among other things.
First Republic has total assets of $2.2 billion and functions
as a direct lender and private banker as well as a mortgage banker
through First Republic Savings Bank, its FDIC-insured subsidiary.
First Republic provides both loan and deposit services from locations
in San Francisco, Los Angeles, Beverly Hills, and San Diego,
California and in Las Vegas, Nevada.
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For further information call:
Mr. Owen Blicksilver
Principal Communications
875 3rd Avenue
New York, NY 10022
(212)303-7603
