First Republic taps insider as its permanent CEO

First Republic Bank in San Francisco has a new permanent CEO. 

The $173 billion-asset bank said in a press release Monday that Mike Roffler, who had been its interim co-CEO since January, has the role for good. He will remain the bank’s president. 

Jim Herbert, who founded the bank in 1985 and is set to return from medical leave next month, is now executive chairman. 

Roffler “fully embodies our culture, has a deep knowledge of our business model, and is highly regarded by our stakeholders,” Goerge G.C. Parker, First Republic’s acting chairman, said in the release. “As a collaborative and forward-looking leader, he is well-positioned to drive thoughtful evolution while maintaining the bank’s consistent, safe growth for many years to come.” 

Roffler's appointment followed a search process led by Korn Ferry. 

Roffler joined First Republic in 2009. He has named chief financial officer in 2014 and president in 2021.