First Republic Bank (FRC) and its subsidiaries offer private banking, private business banking, and private wealth management services to clients in metropolitan areas across the United States. The company operates through two segments: Commercial Banking and Wealth Management. It accepts various deposit products, including noninterest-bearing checking, interest-bearing checking, money market checking accounts, money market savings accounts, and passbook accounts, along with certificates of deposit.
The bank also provides an array of lending products, such as residential mortgage loans, home equity lines of credit, multifamily loans, commercial real estate and construction loans, personal and business loans, single family construction loans, and other loans and lines of credit to both businesses and individuals, which are secured by single family residences, multifamily buildings, and commercial real estate properties. Additionally, the company offers wealth management services, which cover different investment strategies and products, online investment management, trust and custody, full-service and online brokerage, financial and estate planning, as well as access to alternative investments, investing, insurance, and foreign exchange services. The bank also provides online and mobile banking services, refinancing services, and ATM and debit cards.
as of April 26, 2023
Well it didn’t even take a month for this bank to fall dangerously close to disrepair. At the beginning of the month, it was priced at $2.5 billion, a massive discount to book. Now it’s at 7% of book and people are fearful. The old saying be greedy when is on my mind, yet that generally only applies to good to great firms. I’m not sure FRC is one of them. Only time will tell if the stock can rebound, but it would be speculation to take a new position or dollar cost average at this point.
as of April 5, 2023
This could be the best (or worst) short term trade available in the market. As long as the banks financials hold up, the stock is trading at a 60% discount, or more. It generated $1.6 billion in net income on $5.7 billion in revenue last year. The bank has a market cap of $2.5 billion. This one is not hard to see.
