First Republic Bank Board of Directors Appoints Mike Roffler as Chief Executive Officer
Founder Jim Herbert Transitions to Executive Chairman
First Republic’s approach to succession planning over the last decade has fostered a new generation of Company leadership designed to preserve while thoughtfully evolving its unique service-focused culture and client-centric business model. The appointment of Roffler to CEO reflects this approach and follows a comprehensive search led by recruiting firm Korn Ferry.
Roffler said: “It is an honor to serve as First Republic’s CEO and a steward of the phenomenal culture and company Jim and the team have built. I am grateful to work with colleagues who deeply care for our clients, communities, and one another. I look forward to guiding our future success, through an unwavering focus on exceptional client service, alongside an outstanding leadership team, and with the support of our Board and Jim.”
Herbert said: “We set out to build a culture and company that focuses on taking exceptional care of our clients, and I am very proud of what we’ve accomplished over the past 36 years. Mike is a terrific leader who has very meaningfully contributed to our strategy, culture and growth. As founder and a shareholder, I have full confidence in Mike’s leadership, in our very talented management team, and in the passion and commitment of all of our colleagues to continue delivering exceptional client service.”
Founded in 1985,
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Forward-looking statements involving such risks and uncertainties include, but are not limited to, statements regarding: projections of loans, assets, deposits, liabilities, revenues, expenses, tax liabilities, net income, capital expenditures, liquidity, dividends, capital structure, investments or other financial items (including the preliminary unaudited financial information presented in this release); expectations regarding the banking and wealth management industries; descriptions of plans or objectives of management for future operations, products or services; forecasts of future economic conditions generally and in our market areas in particular, which may affect the ability of borrowers to repay their loans and the value of real property or other property held as collateral for such loans; our opportunities for growth and our plans for expansion (including opening new offices); expectations about the performance of any new offices; projections about the amount and the value of intangible assets, as well as amortization of recorded amounts; future provisions for credit losses on loans and debt securities, as well as for unfunded loan commitments; changes in nonperforming assets; expectations regarding the impact and duration of COVID-19; projections about future levels of loan originations or loan repayments; projections regarding costs, including the impact on our efficiency ratio; and descriptions of assumptions underlying or relating to any of the foregoing.
Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to: significant competition to attract and retain banking and wealth management customers, from both traditional and non-traditional financial services and technology companies; our ability to recruit and retain key managers, employees and board members; natural or other disasters, including earthquakes, wildfires, pandemics or acts of terrorism affecting the markets in which we operate; the negative impacts and disruptions resulting from COVID-19 on our colleagues and clients, the communities we serve and the domestic and global economy, which may have an adverse effect on our business, financial position and results of operations; interest rate risk and credit risk; our ability to maintain and follow high underwriting standards; economic and market conditions, including those affecting the valuation of our investment securities portfolio and credit losses on our loans and debt securities; real estate prices generally and in our markets; our geographic and product concentrations; demand for our products and services; developments and uncertainty related to the future use and availability of some reference rates, such as the London Interbank Offered Rate and the 11th District Monthly Weighted Average Cost of Funds Index, as well as other alternative reference rates; the regulatory environment in which we operate, our regulatory compliance and future regulatory requirements; any future changes to regulatory capital requirements; legislative and regulatory actions affecting us and the financial services industry, such as the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), including increased compliance costs, limitations on activities and requirements to hold additional capital, as well as changes to the Dodd-Frank Act pursuant to the Economic Growth, Regulatory Relief, and Consumer Protection Act; our ability to avoid litigation and its associated costs and liabilities; future
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