Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

Dividends on First Republic Bank’s preferred stock to be suspended

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.

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News