First Republic Bank (FRC) said in a regulatory filing this week payments of quarterly cash dividends on its preferred stock would be suspended “as a measure of prudent oversight.”
In March, First Republic suspended dividends on its common stock following Silicon Valley Bank’s failure.
Also last month, major US lenders poured $30 billion in deposits into First Republic to rescue the group amid a widening banking crisis.
The shares of First Republic Bank (FRC) closed 4.39% ($0.59) higher at $14.03 in New York on Thursday, while snapping a two-day streak of losses.
The financial institution’s total market cap now stands at $2.613 billion.
The shares of First Republic Bank went down 40.98% in 2022, compared with a 19.44% loss for the benchmark index, S&P 500 (SPX).
The lender’s shares have plummeted more than 88% since early March.
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