SAN FRANCISCO, Dec. 3, 2015 /PRNewswire/ -- First Republic Bank (NYSE: FRC), a leading private bank and wealth management company, today announced that the Board of Directors has extended the service of Chairman and Chief Executive Officer Jim Herbert.
The Board approved an extension of Herbert's contract as full-time Chairman and CEO through Dec. 31, 2017. The Board also approved an extension of Herbert's role as Executive Chairman through Dec. 31, 2021. The Board further increased his time spent in the Executive Chairman role from 25% to 80%.
Herbert is the founding CEO of First Republic Bank and has been leading the institution since its inception in 1985.
"The Board of Directors is very pleased to extend Jim's service both as Chairman and CEO of First Republic and as Executive Chairman of the Board," said Pamela J. Joyner, Chair of the Board's Compensation Committee. Frank Fahrenkopf, Chair of the Board's Governance Committee added, "Under Jim's leadership, First Republic has become one of the more successful banks in America."
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 and San Diego, California; Portland, Oregon; Boston, Massachusetts; Palm Beach, Florida; and Greenwich and New York, New York. 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 www.firstrepublic.com.
SOURCE First Republic Bank