EXHIBIT 12

FIRST REPUBLIC PREFERRED CAPITAL CORPORATION

(A Wholly Owned Subsidiary of Merrill Lynch
Bank & Trust Co., FSB)

STATEMENT OF COMPUTATION OF

RATIOS OF EARNINGS TO FIXED CHARGES



|                 |  |                                                   |  |                   |               |   |                  |               |       |   |               |   |        |   |  |   |        |  
|---------------- |  | ------------------------------------------------- |  | ----------------- | ------------- | - | ---------------- | ------------- | ----- | - | ------------- | - | ------ | - |  | - | ------ | -
|                 |  |                                                   |  | Three MonthsEnded |               |   | Nine MonthsEnded |              
|($ in thousands) |  | Sept. 26,2008                                     |  |                   | Sept. 30,2007 |   |                  | Sept. 26,2008 |       |   | Sept. 30,2007 |  
|I.               |  | Earnings:                                         |  |                   |               |   |                  |               |       |   |               |   |        |   |  |   |        |  
|                 |  | Net income                                        |  | $                 | 3,791         |   |                  | $             | 4,761 |   |               | $ | 12,414 |   |  | $ | 14,589 |  
|                 |  | Fixed charges excluding preferred stock dividends |  |                   |              |   |                  |               |      |   |               |   |       |   |  |   |       |  
|                 |  |                                                   |  |                   |               |   |                  |               |       |   |               |   |        |   |  |   |        |  
|                 |  | Earnings before fixed charges                     |  | $                 | 3,791         |   |                  | $             | 4,761 |   |               | $ | 12,414 |   |  | $ | 14,589 |  
|                 |  |                                                   |  |                   |               |   |                  |               |       |   |               |   |        |   |  |   |        |  
|II.              |  | Fixed charges:                                    |  |                   |               |   |                  |               |       |   |               |   |        |   |  |   |        |  
|                 |  | Preferred stock dividends                         |  | $                 | 2,532         |   |                  | $             | 3,464 |   |               | $ | 7,594  |   |  | $ | 10,568 |  
|                 |  |                                                   |  |                   |               |   |                  |               |       |   |               |   |        |   |  |   |        |  
|                 |  |                                                   |  |                   |              
|III.             |  | Ratios of earnings to fixed charges               |  |                   | 1.50          | x |                  |               | 1.37  | x |               |   | 1.63   | x |  |   | 1.38   | x
|                 |  |                                                   |  |                   |               |   |                  |               |       |   |               |   |        |   |  |   |        |