Californian bank completes buyout of Hancock's First Signature. San Francisco-based First Republic Bank has completed its acquisition of First Signature Bank & Trust, a Portsmouth, N.H.-based subsidiary of John Hancock Financial Services with offices in Boston and Greenwich, Conn.. First Republic says the move enhances its position in the competitive Northeastern private-client marketplace.

"The acquisition of First Signature will help [us to] continue providing exceptional service to clients who live and work in the Boston [and] New York areas," says First Republic CEO Jim Herbert.

Three more

In addition to about 30 full-service offices in California and Nevada, First Republic already had a Northeastern presence with three offices in New York. First Signature, which will lose its name and see its operations merge with those of its new parent, gives First Republic three more private-clients offices in the Northeast.

First Signature had approximately $400 million in liabilities when the deal closed, mainly in certificates of deposit. Its assets were primarily in cash. First Republic paid tangible book value "plus a modest premium" for First Signature, according to a First Republic press release. The deal was first made public in early August 2005.

Sandler O'Neill & Partners advised First Republic Bank on the transaction. Keefe Bruyette & Woods advised First Signature.

First Republic's last wealth acquisition was Oakland, Calif.-based Bay Isle Private Client Asset Management, which it bought in 2004.

First Republic and its subsidiaries had total bank assets and other managed assets of $27.6 billion on 31 December 2005. First Republic's investment-advisory subsidiaries include Trainer Wortham & Co. (which absorbed Bay Isle), Froley, Revy Investment Co., and Starbuck, Tisdale & Associates.

John Hancock is a subsidiary of Canada's Manulife Financial Corporation. -FWR

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