First Republic may redeem 6.7% preferreds with funds from new notes

New York, July 25 – First Republic Bank said it may redeem its 6.7% non-cumulative perpetual series A preferred stock using proceeds from an offering of subordinated notes.

The preferreds become callable on Jan. 30, 2017, according to a news release.

Funds raised from the sale of the subordinated notes will also be used for general corporate purposes, which may include, among other things, funding loans or purchasing investment securities for the bank’s portfolio.

First Republic is a San Francisco-based private bank and wealth management company.

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