First Republic Preferred Capital (FRCCO) 8-K Material Modifications to Rights of Security Holders

Exhibit 16.1

July 1, 2010

Securities and Exchange Commission

100 F Street, N.E.

Washington, DC 20549

Commissioners:

We have read the statements made by First Republic Preferred Capital Corporation (copy attached), which we understand will be filed with the Securities and Exchange Commission, pursuant to Item 4.01 of Form 8-K, as part of the Form 8-K of First Republic Preferred Capital Corporation dated June 28, 2010. We agree with the statements concerning our Firm in such Form 8-K.

Very truly yours,

/s/ PricewaterhouseCoopers LLP