First Republic Bank Declares Dividends on Five Series of Perpetual Preferred Stock

Rhea-AI Summary

First Republic Bank (NYSE:FRC) declared cash dividends on its perpetual preferred stocks. The quarterly dividend of $11.750 per share for Series J, $10.31250 for Series K, $10.6250 for Series L, $10.00 for Series M, and $11.250 for Series N will be payable on April 29, 2022, to shareholders of record as of April 14, 2022. This announcement reflects the bank's commitment to providing returns to its shareholders.

Positive

• Declared cash dividends on multiple preferred stock series, indicating strong financial health.
• Quarterly dividends of $11.750 (Series J), $10.31250 (Series K), $10.6250 (Series L), $10.00 (Series M), and $11.250 (Series N) signify reliable income for shareholders.
• Dividends are payable on April 29, 2022, demonstrating timely returns to investors.

Negative

• None.

SAN FRANCISCO--(BUSINESS WIRE)-- First Republic Bank (NYSE:FRC), a leading private bank and wealth management company, today announced that it has declared cash dividends on the following outstanding series of its perpetual preferred stock.

A quarterly cash dividend of $11.750 per share was declared on its Noncumulative Perpetual Series J Preferred Stock. This dividend equals $0.293750 per depositary share, each representing 1/40^th interest in a share of Series J Preferred Stock, which is traded on the NYSE under the symbol “FRCPrJ.” The Series J Preferred Stock dividend is payable on April 29, 2022, to shareholders of record as of April 14, 2022.

A quarterly cash dividend of $10.31250 per share was declared on its Noncumulative Perpetual Series K Preferred Stock. This dividend equals $0.25781250 per depositary share, each representing 1/40^th interest in a share of Series K Preferred Stock, which is traded on the NYSE under the symbol “FRCPrK.” The Series K Preferred Stock dividend is payable on April 29, 2022, to shareholders of record as of April 14, 2022.

A quarterly cash dividend of $10.6250 per share was declared on its Noncumulative Perpetual Series L Preferred Stock. This dividend equals $0.2656250 per depositary share, each representing 1/40^th interest in a share of Series L Preferred Stock, which is traded on the NYSE under the symbol “FRCPrL.” The Series L Preferred Stock dividend is payable on April 29, 2022, to shareholders of record as of April 14, 2022.

A quarterly cash dividend of $10.00 per share was declared on its Noncumulative Perpetual Series M Preferred Stock. This dividend equals $0.250 per depositary share, each representing 1/40^th interest in a share of Series M Preferred Stock, which is traded on the NYSE under the symbol “FRCPrM.” The Series M Preferred Stock dividend payable on April 29, 2022, to shareholders of record as of April 14, 2022.

A quarterly cash dividend of $11.250 per share was declared on its Noncumulative Perpetual Series N Preferred Stock. This dividend equals $0.281250 per depositary share, each representing 1/40^th interest in a share of Series N Preferred Stock, which is traded on the NYSE under the symbol “FRCPrN.” The Series N Preferred Stock dividend is payable on April 29, 2022, to shareholders of record as of April 14, 2022.

About First Republic Bank

Founded in 1985, First Republic and its subsidiaries offer private banking, private business banking and private wealth management. First Republic specializes in delivering exceptional, relationship-based service and provides a complete line of products, including residential, commercial and personal loans, deposit services, and private wealth management, including investment, brokerage, insurance, trust and foreign exchange services. Services are offered through preferred banking or wealth management offices primarily in San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach and San Diego, California; Portland, Oregon; Boston, Massachusetts; Palm Beach, Florida; Greenwich, Connecticut; New York, New York; and Jackson, Wyoming. First Republic is a constituent of the S&P 500 Index and KBW Nasdaq Bank Index. For more information, visit firstrepublic.com.

FRC-F

View source version on businesswire.com: https://www.businesswire.com/news/home/20220404005177/en/

Investors:

Andrew Greenebaum / Lasse Glassen

Addo Investor Relations

agreenebaum@addo.com, lglassen@addo.com

(310) 829-5400

Media:

Greg Berardi

Blue Marlin Partners

gberardi@firstrepublic.com

(415) 239-7826

Source: First Republic Bank

FAQ

What is the dividend amount for First Republic Bank's Series J Preferred Stock?

The quarterly cash dividend for First Republic Bank's Series J Preferred Stock is $11.750 per share.

When will the dividends for First Republic Bank's preferred stocks be paid?

The dividends will be payable on April 29, 2022.

What is the record date for the dividends declared by First Republic Bank?

The record date for the dividends is April 14, 2022.

How frequently does First Republic Bank pay dividends on its preferred stock?

First Republic Bank pays dividends quarterly on its preferred stock.

What are the dividend amounts for First Republic Bank's Series K, L, M, and N Preferred Stocks?

The dividends are $10.31250 for Series K, $10.6250 for Series L, $10.00 for Series M, and $11.250 for Series N.