First Republic Bank Issues Notice of Redemption of Series G Preferred Shares
First Republic Bank (NYSE: FRC) has announced the redemption of all outstanding Series G Depositary Shares, relating to its 5.50% Noncumulative Perpetual Series G Preferred Stock. The 6,000,000 Series G Depositary Shares will be redeemed at $25.00 each on March 30, 2021, totaling $150,000,000, plus accrued dividends. Following this redemption, no dividends will be declared for the first quarter of 2021. The notice of redemption will be sent to holders of record, detailing the terms and procedures involved.
- Redemption of Series G Depositary Shares totaling $150,000,000 at $25.00 each.
- No quarterly cash dividend will be payable on Series G Depositary Shares for Q1 2021.
First Republic Bank (“First Republic”) (NYSE: FRC), a leading private bank and wealth management company, today announced it is calling for redemption of all of the outstanding depositary shares (the “Series G Depositary Shares”) relating to its
The Series G Depositary Shares will be redeemed on March 30, 2021 (the “Redemption Date”) at a redemption price of
As a result of the redemption, a regular quarterly cash dividend will not be payable on the Series G Depositary Shares for the first quarter of 2021, and the accrued but unpaid dividends to, but excluding, the Redemption Date will be included in the redemption price.
The notice of redemption specifying the terms, conditions and procedures for the redemption (the “Redemption Notice”) will be mailed to holders of record of Series G Depositary Shares, and is available by contacting Computershare Trust Company, N.A. (“Computershare”), the transfer agent for the Series G Depositary Shares, by mail at 150 Royall Street Canton, MA 02021 Attention: Corporate Actions, 1-800-546-5141 (1-781-575-2765 outside the United States and Canada). Questions regarding the redemption of the Series G Depositary Shares may be directed to Computershare.
This press release does not constitute a notice of redemption under the certificate of designation governing the Series G Depositary Shares and is qualified in its entirety by reference to the Redemption Notice issued by First Republic.
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.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements about First Republic’s expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipates,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimates,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. Accordingly, these statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed in them. All forward-looking statements are necessarily only estimates of future results, and there can be no assurance that actual results will not differ materially from expectations, and, therefore, you are cautioned not to place undue reliance on such statements. Any forward-looking statements are qualified in their entirety by reference to the factors discussed in First Republic’s Annual Report on Form 10-K for the year ended December 31, 2019, its Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 and in our other filings under the Securities Exchange Act of 1934, as amended. Further, any forward-looking statement speaks only as of the date on which it is made, and First Republic undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.
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FAQ
What is the redemption date for First Republic Bank's Series G Depositary Shares?
How much will First Republic Bank redeem for its Series G Depositary Shares?
What is the redemption price per Series G Depositary Share for FRC?
Will there be a dividend for the Series G Depositary Shares in Q1 2021?
How many Series G Depositary Shares are outstanding for FRC?
