First Republic Bank Declares Dividends on Two Series of Perpetual Preferred Stock for Second Quarter 2022

Rhea-AI Summary

First Republic Bank (NYSE:FRC) has declared quarterly cash dividends on its preferred stock. The Series H Preferred Stock will pay $12.8125 per share, equivalent to $0.3203125 per depositary share, while the Series I Preferred Stock will distribute $13.75 per share, or $0.34375 per depositary share. Both dividends are payable on June 30, 2022, to shareholders of record as of June 16, 2022.

Positive

• Quarterly cash dividends of $12.8125 per share on Series H Preferred Stock and $13.75 per share on Series I Preferred Stock reflect strong shareholder returns.
• The declared dividends may enhance investor confidence in First Republic Bank's stability.

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 $12.8125 per share was declared on its Noncumulative Perpetual Series H Preferred Stock. This dividend equals $0.3203125 per depositary share, each representing 1/40th 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 June 30, 2022, to shareholders of record as of June 16, 2022.

A quarterly cash dividend of $13.75 per share was declared on its Noncumulative Perpetual Series I Preferred Stock. This dividend equals $0.34375 per depositary share, each representing 1/40th 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 June 30, 2022, to shareholders of record as of June 16, 2022.

About First Republic Bank

Founded in 1985, First Republic and its subsidiaries offer private banking, private business banking and private wealth management. First Republic specializes in delivering exceptional, relationship-based service and provides a complete line of products, including residential, commercial and personal loans, deposit services, and private wealth management, including investment, brokerage, insurance, trust and foreign exchange services. 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; Jackson, Wyoming; and Bellevue, Washington. 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/20220602005194/en/

Investors:

Andrew Greenebaum / Lasse Glassen

Addo Investor Relations

agreenebaum@addo.com

lglassen@addo.com

(310) 829-5400

Media:

Greg Berardi

Blue Marlin Partners

gberardi@firstrepublic.com

(415) 239-7826

Source: First Republic Bank

FAQ

What is the dividend amount declared by First Republic Bank on Series H Preferred Stock?

First Republic Bank declared a dividend of $12.8125 per share on Series H Preferred Stock.

What is the dividend amount on Series I Preferred Stock for First Republic Bank?

The dividend on Series I Preferred Stock is $13.75 per share.

When is the dividend payment date for First Republic Bank's preferred stocks?

The dividend is payable on June 30, 2022.

What is the record date for the dividend payment of First Republic Bank's preferred stocks?

The record date for the dividend payment is June 16, 2022.

How often does First Republic Bank pay dividends on its preferred stocks?

First Republic Bank pays dividends quarterly on its preferred stocks.