On July 1, 1985, we opened our doors at 201 Pine Street in San Francisco with fewer than 10 colleagues and only one office. With an enterprise value of $8.8 million, we were one of the smallest banks in the United States, out of approximately 14,000.
By our 35th anniversary, in July 2020, we had over 5,000 colleagues across more than 80 offices in seven states. Through organic growth, First Republic has become the 14th largest U.S. bank with an enterprise value greater than $19 billion. This represents a record of growth in total enterprise value of 25% per annum compounded for 35 years.
Our growth has never been the goal, however, only the outcome of taking exceptional care of our clients, communities and one another. Thank you for taking the time to read more about us.
We strive to continually foster an inclusive and diverse environment, where a variety of voices are heard and valued. We are committed to supporting our colleagues and doing our part in advocating for and advancing equality.