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 series. The quarterly dividends include: $11.75 per share for Series J, payable on April 30, 2021, with a record date of April 16, 2021; $10.3125 for Series K, also payable on April 30, 2021; and an initial dividend of $9.5625 for Series L, with the same payment date. Each share represents a 1/40th interest in its respective series. This demonstrates the bank's commitment to returning value to shareholders.

Positive

• Quarterly cash dividend of $11.75 per share on Series J Preferred Stock.
• Quarterly cash dividend of $10.3125 per share on Series K Preferred Stock.
• Initial quarterly cash dividend of $9.5625 per share on Series L Preferred Stock.
• Dividends payable on April 30, 2021, reflecting strong cash flow.

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 April 30, 2021, to shareholders of record as of April 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 April 30, 2021, to shareholders of record as of April 16, 2021.

An initial quarterly cash dividend of $9.5625 per share was declared on its Noncumulative Perpetual Series L Preferred Stock. This dividend equals $0.23906250 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 April 30, 2021, to shareholders of record as of April 16, 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.

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FAQ

What is the dividend amount for Series J Preferred Stock by First Republic Bank?

The dividend amount for Series J Preferred Stock is $11.75 per share.

When is the dividend payment date for Series K Preferred Stock?

The dividend payment date for Series K Preferred Stock is April 30, 2021.

When will the initial dividend for Series L Preferred Stock be paid?

The initial dividend for Series L Preferred Stock will be paid on April 30, 2021.

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

The record date for the dividends is April 16, 2021.