First Republic Bank Declares Dividends on Two Series of Perpetual Preferred Stock for First Quarter 2023

Rhea-AI Summary

First Republic Bank (NYSE:FRC) has declared cash dividends for its perpetual preferred stock. A quarterly dividend of $12.8125 per share on Series H Preferred Stock will be payable on March 30, 2023, to shareholders of record as of March 15, 2023. Additionally, a dividend of $13.75 per share on Series I Preferred Stock is also payable on the same date, with the same record date. These dividends reflect the bank's commitment to return value to its shareholders.

Positive

• Quarterly dividend of $12.8125 per share on Series H Preferred Stock enhances shareholder income.
• Quarterly dividend of $13.75 per share on Series I Preferred Stock indicates company confidence in ongoing business performance.

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 March 30, 2023, to shareholders of record as of March 15, 2023.

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 March 30, 2023, to shareholders of record as of March 15, 2023.

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/20230303005040/en/

Investors:

Andrew Greenebaum / Kimberly Esterkin

Addo Investor Relations

agreenebaum@addo.com

kesterkin@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 for First Republic Bank's Series H Preferred Stock?

The dividend amount for Series H Preferred Stock is $12.8125 per share.

When is the dividend for First Republic Bank's Series I Preferred Stock payable?

The dividend for Series I Preferred Stock is payable on March 30, 2023.

What is the record date for the dividends declared by First Republic Bank?

The record date for both dividends is March 15, 2023.

How often does First Republic Bank declare dividends on its preferred stock?

First Republic Bank declares dividends on its preferred stock quarterly.