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  "documentTitle": "First Republic Bank | Results Presentation Deck | 50 slides",
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  "notes": "The chart shows FRC significantly outperforming the S&P 500 by the time of the Merrill Lynch acquisition.",
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      "text": "On January 29, 2007, Merrill Lynch contracted to acquire FRC at a 44% premium over the Bank's previous closing price or 3.6x tangible book value per share. (4)",
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      "kind": "source-note",
      "text": "Source: Bloomberg. (1) Initial IPO occurred in August 1986... (2) Calculations include reinvestment... (3) Calculation includes acquisition price... (4) Tangible book value...",
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      "text": "Initial IPO (June 16, 1987) through Merrill acquisition (January 26, 2007) (1), (2)",
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