First Republic Declares Dividends on Five Series of Perpetual Preferred Stock

Rhea-AI Summary

First Republic Bank (NYSE:FRC) has declared cash dividends for its preferred stock series. A quarterly cash dividend of $11.75 per share on Series J, payable on July 29, 2022, to shareholders of record as of July 15, 2022. Series K will have a $10.3125 dividend, also payable on July 29, 2022. Series L’s dividend is $10.625, Series M is $10.00, and Series N is $11.25, all with the same payment details. These dividends showcase the company's commitment to providing returns to shareholders.

Positive

• Declared quarterly cash dividends across multiple preferred stock series.
• Demonstrates ongoing commitment to returning value to shareholders.

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 July 29, 2022, to shareholders of record as of July 15, 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 July 29, 2022, to shareholders of record as of July 15, 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 July 29, 2022, to shareholders of record as of July 15, 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 July 29, 2022, to shareholders of record as of July 15, 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 July 29, 2022, to shareholders of record as of July 15, 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/20220705005119/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 for Series J preferred stock of First Republic Bank (FRC)?

The dividend for Series J preferred stock is $11.75 per share.

When is the dividend payment date for Series K preferred stock (FRC)?

The dividend payment date for Series K preferred stock is July 29, 2022.

What are the dividend amounts for Series L, M, and N preferred stock of FRC?

Series L has a dividend of $10.625, Series M has $10.00, and Series N has $11.25.

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

The record date for all declared dividends is July 15, 2022.