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

Rhea-AI Summary

First Republic Bank (NYSE:FRC) has declared cash dividends on its perpetual preferred stock. A quarterly cash dividend of $11.75 per share for the Series J Preferred Stock, equivalent to $0.293750 per depositary share, is payable on July 30, 2021, to shareholders of record as of July 16, 2021. Additionally, the Series K will pay $10.3125 per share and the Series L will pay $10.6250 per share, with the same payment date and record date. These dividends reflect the bank's commitment to returning value to its shareholders.

Positive

• Declared quarterly cash dividends indicating strong financial health.
• Dividends of $11.75, $10.3125, and $10.6250 reflect company profitability and confidence.

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 July 30, 2021, to shareholders of record as of July 16, 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 July 30, 2021, to shareholders of record as of July 16, 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 July 30, 2021, to shareholders of record as of July16, 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/20210706005187/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 will First Republic Bank's preferred stock dividends be paid?

The preferred stock dividends will be paid on July 30, 2021.

What is the record date for receiving First Republic Bank's preferred stock dividends?

The record date for receiving the dividends is July 16, 2021.

What are the dividends for Series K and Series L Preferred Stock?

Series K will pay $10.3125 per share and Series L will pay $10.6250 per share.