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April 2016

First Republic To Acquire Constellation Wealth Advisors

Transaction Increases Wealth Management Assets By $6.1 Billion
Jun 17, 2015, 09:00 ET from First Republic Bank

SAN FRANCISCO, June 17, 2015 /PRNewswire/ — First Republic Bank (NYSE: FRC), a leading private bank and wealth management company, and Constellation Wealth Advisors, one of the nation’s foremost independent wealth advisors, today announced that First Republic Investment Management, Inc., a wholly-owned subsidiary of the Bank, will purchase Constellation Wealth Advisors for approximately $115 million, subject to the satisfaction of certain closing conditions.

Constellation Wealth Advisors provides high net worth individuals, families, and family foundations with strategic investment advice and asset allocation, including alternative investments. As of March 31, 2015, Constellation Wealth Advisors had wealth management assets of $6.1 billion.

“Constellation Wealth Advisors is an opportunity to work with a highly successful wealth management firm with the same philosophy and commitment to extraordinary client service as First Republic,” said Jim Herbert, Chairman and CEO of First Republic. “They align with and complement our existing wealth management capabilities.”

Constellation Wealth Advisors Co-CEOs Paul Tramontano and Jon Goldstein said: “We were founded to serve clients from an independent platform, and First Republic’s client-centric focus fits perfectly with our values. First Republic is one of the premier private banks in the U.S., and we look forward to working together.”

The six partners of the firm have signed long-term employment contracts as part of the transaction, which is expected to close in the third quarter of 2015, subject to the satisfaction of customary closing conditions. The purchase will include substantially all of the assets of Constellation Wealth Advisors. First Republic expects the transaction to be modestly accretive to earnings in 2015.

The firm, which has offices in New York City and Menlo Park, operates in regions where First Republic has a strong presence.

About First Republic Bank
Founded in 1985, First Republic and its subsidiaries offer private banking, private business banking and private wealth management, including investment, trust and brokerage services. First Republic specializes in delivering exceptional, relationship-based service, with a solid commitment to responsiveness and action. Services are offered through preferred banking or wealth management offices primarily in San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach, San Diego, Portland, Boston, Palm Beach, 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. For more information, visit

About Constellation Wealth Advisors, LLC
Constellation Wealth Advisors, LLC was established in 2007 as an independent multi-family investment office with an uncompromising commitment to the best interests of its clients. With offices in New York and Menlo Park, California, the firm is committed to long term relationships with client families to help them reach and maintain their life goals and to simplify the inevitable complexities that come with wealth. Prior to forming the company, the managing partners of Constellation Wealth Advisors had built two of the largest wealth management practice groups at Citigroup’s Family Office Division. Since its founding, the firm has enjoyed consistent growth in assets under advisement and has regularly received recognition by the industry, most recently receiving the award for Best Performing Private Wealth Manager over $5 billion by the Private Asset Management Awards for 2015.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements about First Republic’s expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipates,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimates,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. Accordingly, 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 in them. 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. Any forward-looking statements are qualified in their entirety by reference to the factors discussed in the section titled “Risk Factors” in First Republic’s preliminary offering circular relating to this offering, including the documents incorporated by reference therein, and other risks described in documents subsequently filed by First Republic from time to time. Further, any forward-looking statement speaks only as of the date on which it is made, and First Republic undertakes no obligation 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 unanticipated events.


SOURCE First Republic Bank

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