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First Republic Bank, 5.625% Dep Shares Non-Cumul Perp Series C Preferred Stock
Ticker Symbol: FRC-C* CUSIP: 33616C605 Exchange: NYSE
* NOTE: This security is no longer trading as of 1/02/2018
Security has been Called for: Tuesday, January 2, 2018
-Nov. 29, 2017-- First Republic Bank today announced it is calling for redemption of all of the outstanding depositary shares relating to its 5.625% Noncumulative Perpetual Series C Preferred Stock. There are currently 6,000,000 issued and outstanding Series C Depositary Shares, each representing a 1/40th interest in a share of Series C Preferred Stock (NYSE: FRC-PRC, CUSIP No. 33616C605). The Series C Depositary Shares will be redeemed on January 2, 2018 at a redemption price of $25.00 per Series C Depositary Share, representing an aggregate amount of $150,000,000, plus all accrued and unpaid dividends to, but excluding, the Redemption Date. The Redemption Price will not accrue interest from and following the Redemption Date. On and after the Redemption Date, the Series C Depositary Shares will no longer be deemed outstanding and no further dividends will be declared on the Series C Depositary Shares. Regular quarterly cash dividends on the Series C Depositary Shares for the fourth quarter of 2017 will accrue and may be paid when, as and if declared by the Board of Directors of First Republic. The notice of redemption specifying the terms, conditions and procedures for the redemption (the “Redemption Notice”) will be mailed to holders of record of Series C Depositary Shares, and is available by contacting Computershare Inc. or Computershare Trust Company, N.A. (“Computershare”), the transfer agent for the Series C Depositary Shares, by mail at 250 Royall Street Canton, MA 02021 Attention: Corporate Actions, 1-855-396-2084 (1-781-575-2765 outside the United States and Canada). Questions regarding the redemption of the Series C Depositary Shares may be directed to Computershare. ____________ First Republic is not under the purview of the SEC as of now and we do not have a bank holding company. We are subject to the information reporting requirements of the Securities Exchange Act of 1934, as amended (the Exchange Act), as administered and enforced by the Federal Deposit Insurance Corporation and we are subject to FDIC rules promulgated thereunder. Consequently, we file annual, quarterly and current reports, proxy statements and other information with the FDIC, copies of which are made available to the public over the Internet at http://www2.fdic.gov/efr/.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: First Republic Bank, 5.625% Depositary Shares each representing a 1/40th interest in a share of the Non-cumulative Perpetual Series C Preferred Stock, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 12/29/2017 at $25 per depositary share plus declared and unpaid dividends, and with no stated maturity. Non-cumulative distributions of 5.625% per annum ($1.40625 per annum or $0.3515625 per quarter) will be paid quarterly on 3/30, 6/30, 9/30 & 12/30 to holders of record on the record date fixed by the board, not more than 60 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is at least 2 business days prior to the record date). The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. This security is possibly subject to an early call as a result of the occurrence of a regulatory capital treatment event (see the prospectus for further information) which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet. Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page 31 of the prospectus for further information). In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (FRCB)
IPO - 11/15/2012 - 6.00 Million Shares @ $25.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: FRCSL Changed: 11/26/2012
Market Value $150.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 111 Pine Street, San Francisco, CA 94111 |
| Main Phone Number |
415-392-1400 |
| Fax Number |
415-392-1413 |
| Investor Relations
Andrew Greenebaum, Addo Communications
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310-829-5400
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| Toll Free Phone Number |
800-392-1400 |
| CEO - James H. Herbert, II |
CFO - Michael J. Roffler |
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