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First Republic Declares Dividends on Five Series of Perpetual Preferred Stock
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
dividends
Rhea-AI Summary
First Republic Bank (NYSE:FRC) announced cash dividends for its preferred stock series, payable on October 28, 2022. The quarterly dividends include $11.75 per share for Series J, $10.3125 for Series K, $10.625 for Series L, $10.00 for Series M, and $11.25 for Series N. All dividends are based on shares held as of October 14, 2022.
Positive
Declared cash dividends of $11.75 (Series J), $10.3125 (Series K), $10.625 (Series L), $10.00 (Series M), and $11.25 (Series N) per share.
Enhanced shareholder value with consistent dividend payments.
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 $11.75 per share was declared on its Noncumulative Perpetual Series J Preferred Stock. This dividend equals $0.29375 per depositary share, each representing 1/40th 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 October 28, 2022, to shareholders of record as of October 14, 2022.
A quarterly cash dividend of $10.3125 per share was declared on its Noncumulative Perpetual Series K Preferred Stock. This dividend equals $0.2578125 per depositary share, each representing 1/40th 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 October 28, 2022, to shareholders of record as of October 14, 2022.
A quarterly cash dividend of $10.625 per share was declared on its Noncumulative Perpetual Series L Preferred Stock. This dividend equals $0.265625 per depositary share, each representing 1/40th 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 October 28, 2022, to shareholders of record as of October 14, 2022.
A quarterly cash dividend of $10.00 per share was declared on its Noncumulative Perpetual Series M Preferred Stock. This dividend equals $0.25 per depositary share, each representing 1/40th interest in a share of Series M Preferred Stock, which is traded on the NYSE under the symbol “FRCPrM.” The Series M Preferred Stock dividend is payable on October 28, 2022, to shareholders of record as of October 14, 2022.
A quarterly cash dividend of $11.25 per share was declared on its Noncumulative Perpetual Series N Preferred Stock. This dividend equals $0.28125 per depositary share, each representing 1/40th interest in a share of Series N Preferred Stock, which is traded on the NYSE under the symbol “FRCPrN.” The Series N Preferred Stock dividend is payable on October 28, 2022, to shareholders of record as of October 14, 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.
