First Republic bank to suspend dividends on preferred stock

First Republic Bank branch in Midtown Manhattan in New York CityPeople are seen inside the First Republic Bank branch in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. REUTERS/Mike Segar

April 7 (Reuters) – First Republic Bank (FRC.N) said in a regulatory filing on Friday that it will suspend payments of quarterly cash dividends on its preferred stock "as a measure of prudent oversight."

Last month, the bank suspended its dividend on common stock after the collapse of Silicon Valley Bank.

Large U.S. banks injected $30 billion in deposits into First Republic Bank last month to rescue the lender caught up in a widening crisis triggered by the collapse of two other mid-sized U.S. lenders.

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