First Republic Bank Declares Dividends on Three Series of Perpetual Preferred Stock for Fourth Quarter 2020

Rhea-AI Summary

First Republic Bank (NYSE:FRC) has announced cash dividends for its perpetual preferred stock series. A quarterly cash dividend of $13.75 per share is declared for Series G, $12.8125 for Series H, and $13.75 for Series I. Each Series G and I share equates to $0.343750 per depositary share, while Series H equals $0.3203125. All dividends are payable on December 30, 2020, to shareholders of record as of December 16, 2020.

Positive

• Quarterly cash dividend of $13.75 for Series G and I increases investor income.
• Quarterly cash dividend of $12.8125 for Series H enhances shareholder value.

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 $13.75 per share was declared on its Noncumulative Perpetual Series G Preferred Stock. This dividend equals $0.343750 per depositary share, each representing 1/40^th interest in a share of Series G Preferred Stock, which is traded on the NYSE under the symbol “FRCPrG.” The Series G Preferred Stock dividend is payable on December 30, 2020, to shareholders of record as of December 16, 2020.

A quarterly cash dividend of $12.8125 per share was declared on its Noncumulative Perpetual Series H Preferred Stock. This dividend equals $0.3203125 per depositary share, each representing 1/40^th interest in a share of Series H Preferred Stock, which is traded on the NYSE under the symbol “FRCPrH.” The Series H Preferred Stock dividend is payable on December 30, 2020, to shareholders of record as of December 16, 2020.

A quarterly cash dividend of $13.75 per share was declared on its Noncumulative Perpetual Series I Preferred Stock. This dividend equals $0.343750 per depositary share, each representing 1/40^th interest in a share of Series I Preferred Stock, which is traded on the NYSE under the symbol “FRCPrI.” The Series I Preferred Stock dividend is payable on December 30, 2020, to shareholders of record as of December 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.