Published: April 7, 2023 at 8:16 pm ET
First Republic Bank FRC said Friday it would stop paying quarterly cash dividends on its preferred shares. In a filing, the company said Thursday’s move to suspend those payments was “a measure of prudent oversight.” The move for the struggling bank, which faltered as its wealthy customers ran for their money after the collapses of Silicon Valley Bank and Signature Bank, came after it suspended its common stock dividend last month. The bank received $30 billion in deposits from the country’s largest financial institutions last month in a bid to stabilize the company.
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First Republic Bank FRC said Friday it would stop paying quarterly cash dividends on its preferred shares. In a filing, the company said Thursday’s move to suspend those payments was “a measure of prudent oversight.” The move for the struggling bank, which faltered as its wealthy customers ran for their money after the collapses of Silicon Valley Bank and Signature Bank, came after it suspended its common stock dividend last month. The bank received $30 billion in deposits from the country’s largest financial institutions last month in a bid to stabilize the company.