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First Republic bank to suspend dividends on preferred stock
© Reuters. People 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
(Reuters) – First Republic Bank (NYSE:) 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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