First Republic Bank
insiders sold $11.8 million in stock in the company this year, before a share price tumble that began in March amid broader turmoil in the banking sector.
Regulatory filings show the sales from January through early March, at an average sale price of $129.76. The most recent sale, on March 6, was four days before Silicon Valley Bank collapsed.
James Herbert II, executive chairman, has sold $4.5 million shares through a trust in two transactions since January, the filings show. His stock sales reflected about 5% of his holdings in the bank at the time, a person familiar with the matter said.
David Lichtman, the bank’s chief credit officer, sold $2.5 million in three transactions since January, including the sale on March 6. CEO Michael Roffler sold $978,906 in January.
A spokesman for First Republic declined to comment on the stock sales, which have been previously reported by The Wall Street Journal.
Two other executives sold $3.7 million shares since January, while a director sold $110,704.
First Republic’s share price closed Friday at $3.51, down 97% from the start of the year, and they continued to fall in after-hours trading on reports regulators were weighing their options for the bank.
While most companies report insider stock sales in filings to the Securities and Exchange Commission, First Republic reported its trades to the Federal Deposit Insurance Corp., as do a few other banks.
Write to Liz Moyer at [email protected]
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