Summary: First Republic Bank Jul 10
Standard & Poors, July 2010
Abstract
Standard & Poor's Ratings Services' ratings on First Republic Bank reflect its solid credit quality and capitalization, its strong core deposit base, and the long and successful track record of its management team. The bank's concentrated loan portfolio, limited geographic diversification, and lackluster earnings performance partially offset these positive ratings factors. Following its sale by Bank of America Corp. (BofA), First Republic has a minimal amount of delinquent and nonperforming assets and is capitalized robustly, with a tangible common equity-to-tangible assets ratio of 8.4%. The Federal Deposit Insurance Corp. (FDIC) will require First Republic, as technically a de novo bank, to maintain a leverage ratio of at least 8% for the next seven years, which we view favorably. The ratio...
Companies mentioned in this report are: First Republic Bank,Bank of America Corp.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
First Republic Bank,Bank of America Corp.
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