First Republic Bank Declares Dividends on Series J and K Perpetual Preferred Stock

Rhea-AI Summary

First Republic Bank (NYSE:FRC) has declared cash dividends on its perpetual preferred stock. A quarterly dividend of $11.75 per share will be paid on the Series J Preferred Stock, amounting to $0.293750 per depositary share, with a payment date of January 29, 2021. For the Series K Preferred Stock, a dividend of $10.3125 per share is set, equating to $0.25781250 per depositary share, with the same payment date. Both dividends are for shareholders on record as of January 15, 2021.

Positive

• Quarterly dividend of $11.75 per share on Series J Preferred Stock indicates financial stability.
• Series K Preferred Stock dividend of $10.3125 per share reflects ongoing shareholder returns.

Negative

• None.

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 January 29, 2021, to shareholders of record as of January 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 January 29, 2021, to shareholders of record as of January 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210105005125/en/

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 is the dividend for the Series J Preferred Stock payable?

The dividend for Series J Preferred Stock is payable on January 29, 2021.

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

The dividend for Series K Preferred Stock is $10.3125 per share.

When is the dividend for the Series K Preferred Stock payable?

The dividend for Series K Preferred Stock is also payable on January 29, 2021.

What are the record dates for the dividends declared by First Republic Bank?

The record date for both Series J and K Preferred Stock dividends is January 15, 2021.