Here's Why First Republic Bank (FRC) Shares Are Falling In Tuesday's After-Hours Session

First Republic Bank FRC shares are trading lower by 2.05% to $140.75 during Tuesday's after-hours session. The company announced a 2 million share common stock offering to raise capital.

What Happened?

First Republic Bank says it has agreed to sell 2,000,000 shares of its common stock in an underwritten public offering. First Republic has also granted the underwriters a 30-day option to purchase up to an additional 300,000 shares from First Republic.

First Republic intends to use the net proceeds from the offering for general corporate purposes, which may include, among other things, funding loans or purchasing investment securities for its portfolio.

See Also: Why Zoom Shares Are Exploding Higher

First Republic Bank says the closing of the offering is expected to occur on or about February 10, subject to the satisfaction of customary closing conditions.

According to data from Benzinga Pro, FRC has a 52-week high of $181.75 and a 52-week low of $106.86.