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First Republic Bank Declares Dividends on Five Series of Perpetual Preferred Stock
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
dividends
Rhea-AI Summary
First Republic Bank (NYSE:FRC) has declared cash dividends on its preferred stock series. A quarterly dividend of $11.75 per share for Series J, $10.3125 for Series K, $10.6250 for Series L, $10.00 for Series M, and an initial $7.6250 for Series N will be paid on January 28, 2022, to shareholders on record by January 14, 2022. This decision reflects the bank's commitment to returning value to its shareholders.
Positive
Quarterly dividend of $11.75 for Series J shows strong returns.
Continuous dividend payments reflect company stability.
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 $11.75 per share was declared on its Noncumulative Perpetual Series J Preferred Stock. This dividend equals $0.293750 per depositary share, each representing 1/40th 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 January 28, 2022, to shareholders of record as of January 14, 2022.
A quarterly cash dividend of $10.3125 per share was declared on its Noncumulative Perpetual Series K Preferred Stock. This dividend equals $0.25781250 per depositary share, each representing 1/40th 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 January 28, 2022, to shareholders of record as of January 14, 2022.
A quarterly cash dividend of $10.6250 per share was declared on its Noncumulative Perpetual Series L Preferred Stock. This dividend equals $0.265625 per depositary share, each representing 1/40th 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 January 28, 2022, to shareholders of record as of January 14, 2022.
A quarterly cash dividend of $10.00 per share was declared on its Noncumulative Perpetual Series M Preferred Stock. This dividend equals $0.250000 per depositary share, each representing 1/40th 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 is payable on January 28, 2022, to shareholders of record as of January 14, 2022.
An initial quarterly cash dividend of $7.6250 per share was declared on its Noncumulative Perpetual Series N Preferred Stock. This dividend equals $0.190625 per depositary share, each representing 1/40th 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 January 28, 2022, to shareholders of record as of January 14, 2022.
About First Republic Bank
Founded in 1985, First Republic and its subsidiaries offer private banking, private business banking and private wealth management, including investment, trust and brokerage services. First Republic specializes in delivering exceptional, relationship-based service and offers a complete line of products, including residential, commercial and personal loans, deposit services, and wealth management. 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.
