SAN FRANCISCO, April 21, 2016 /PRNewswire/ -- First Republic Bank (NYSE: FRC), a leading private bank and wealth management company, today announced series of initiatives designed to empower local communities and the company's employees.
The new programs include a lending program to stimulate homeownership in underserved communities, raising the bank's minimum wage to $20 per hour, offering fully paid parental leave, a new employee fitness stipend to promote good health, an expansion of subsidized employee meals, and an expansion of its award-winning financial literacy program in local communities.
"First Republic has an active and significant commitment to building stronger communities through innovative banking and community engagement programs," said Jim Herbert, CEO of First Republic Bank. "The Bank also strives to be an employer of choice by offering competitive compensation and benefits and a work environment that enables employees to succeed both personally and professionally."
First Republic's new initiatives include:
- A loan program to help borrowers in underserved minority neighborhoods achieve the dream of homeownership. Known as "Eagle Community," the loan program offers mortgages at very attractive terms for the financing of a primary residence.
- An expansion of its financial literacy initiative, the First Republic Scholars Program. The Scholars Program is an online, financial literacy course delivered to more than 60 schools in its markets. The program was also recently honored by NASDAQ/EverFi and by The Community Youth Center of San Francisco.
- An increase in the bank's minimum wage to $20 per hour. First Republic became one of the first employers in the country to raise its minimum wage to $20 per hour. California passed a law in April that raises the minimum wage to $15 per hour by 2023.
- Fully paid parental leave for employees. First Republic has been offering fully paid six-week parental leave for both women and men since the fourth quarter of 2015. In April, San Francisco passed a law requiring employers to offer fully paid parental leave by Jan. 1, 2017.
- A new fitness stipend for employees to promote good health. More than 650 of First Republic's employees have already taken advantage of the new benefit, which helps offset the cost of gym memberships.
- A broadening of its subsidized meal program for employees. First Republic, which currently operates employee cafés in San Francisco, Century City and New York, is opening a new employee café in Boston.
For more information about First Republic's commitment to community, contact Rosana Han, Senior Vice President and Head of Community Reinvestment, 415-392-1400.
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.
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SOURCE First Republic Bank