Thirty years since its founding, as First Republic grows past $50 billion in total bank assets, it finds itself in a unique position. “We aren’t a complicated institution,” says Herbert. “We don’t do complicated things. We don’t offer complex, transactional products, originate subprime loans, do foreign lending or engage in proprietary trading, amongst many other activities.” A bank without a bank holding company and with only four subsidiaries, First Republic is significantly differentiated by its continued focus and simplicity in structure and activities. It is significantly more focused when compared to other institutions of a similar size as well. It is also smaller by other metrics, with less than one-third the number of client accounts when compared with this same group, allowing for greater individual relationship oversight and higher levels of service. ¹

“We stay focused on our core competencies of safe lending and extraordinary service,” Herbert continues. While the Bank has grown and evolved over time by following the needs of its clients – to the East Coast, into Private Wealth Management and Business Banking – simplicity as well as consistency in its focus remain hallmarks. In 2004, single-family home loans and HELOCs – First Republic’s key lead products – represented about 65 percent of the total loan portfolio. Ten years later, in 2014, they represented 60 percent. “We absolutely have never, nor will we ever, waver on credit standards,” says Herbert. “We stick to what we know. Our growth is not a target we strive to reach. It is simply the result of our primary focus: taking great care of clients.” ³