First Republic Bank -1.3% on secondary offering

• It's stock trading for more than double the most-recently reported book value, First Republic (NYSE:FRC) decides to issue 3.5M shares, with an underwriter greenshoe of 525K shares.
• Source: Press Release
• The stock's lower by 1.3% premarket to $58.91. Dec. 31 book value per share was $28.13.