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

Rhea-AI Summary

First Republic Bank (NYSE:FRC) announced cash dividends for its perpetual preferred stock. A quarterly cash dividend of $11.75 per share on its Noncumulative Perpetual Series J Preferred Stock will be paid on October 30, 2020, to shareholders of record as of October 16, 2020. Additionally, an initial cash dividend of $5.0417 per share was declared for the Noncumulative Perpetual Series K Preferred Stock, also payable on October 30, 2020, to shareholders of record as of October 16, 2020.

Positive

• Quarterly cash dividend of $11.75 per share for Series J Preferred Stock indicates strong investor returns.
• Initial cash dividend of $5.0417 per share for Series K Preferred Stock demonstrates commitment to equity holders.

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 30, 2020, to shareholders of record as of October 16, 2020.

An initial cash dividend of $5.0417 per share was declared on its Noncumulative Perpetual Series K Preferred Stock. This dividend equals $0.12604250 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 30, 2020, to shareholders of record as of October 16, 2020.

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.