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

Rhea-AI Summary

First Republic Bank (NYSE:FRC) has declared cash dividends for its perpetual preferred stock series. Shareholders will receive:

• $11.75 per share for Series J, payable on October 29, 2021.
• $10.3125 per share for Series K, payable on October 29, 2021.
• $10.625 per share for Series L, payable on October 29, 2021.
• An initial $11.00 per share for Series M, payable on October 29, 2021.

All dividends are payable to shareholders of record as of October 15, 2021.

Positive

• Continued dividend distribution demonstrates financial stability.
• Payment across multiple preferred stock series indicates confidence in cash flow.

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 1/40^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 October 29, 2021, to shareholders of record as of October 15, 2021.

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 1/40^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 October 29, 2021, to shareholders of record as of October 15, 2021.

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 1/40^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 October 29, 2021, to shareholders of record as of October 15, 2021.

An initial quarterly cash dividend of $11.00 per share was declared on its Noncumulative Perpetual Series M Preferred Stock. This dividend equals $0.275000 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 is payable on October 29, 2021, to shareholders of record as of October 15, 2021.

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.

FRC-F

View source version on businesswire.com: https://www.businesswire.com/news/home/20211005005187/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 dividend amount for Series J Preferred Stock is $11.75 per share.

When will First Republic Bank's Series K Preferred Stock dividend be paid?

The Series K Preferred Stock dividend will be paid on October 29, 2021.

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

The record date for the cash dividends is October 15, 2021.

How much is the dividend for First Republic Bank's Series M Preferred Stock?

The initial dividend for Series M Preferred Stock is $11.00 per share.