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First Republic Bank, 4.25% Dep Shares Non-Cumul Perp Series L Preferred Stock
Ticker Symbol: FRCLL CUSIP: 33616C746 Exchange: OTOTC
Security's Distribution is Suspended!
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May 1, 2023 -- JPMorgan Chase (NYSE: JPM) today announced it has acquired the substantial majority of assets and assumed the deposits and certain other liabilities of First Republic Bank from the Federal Deposit Insurance Corporation (FDIC). In carrying out this transaction, JPMorgan Chase is not assuming First Republic’s corporate debt or preferred stock April 6, 2023 -- , As a measure of prudent oversight, the Board of Directors (“Board”) determined to suspend payment of the quarterly cash dividend on the Series L Preferred Stock. This bank is 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 is subject to FDIC rules promulgated thereunder. Consequently, they 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 https://efr.fdic.gov/fcxweb/efr/index.html under FDIC #59017.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: First Republic Bank, 4.25% Depositary Shares each representing a 1/40th interest in a share of the Non-cumulative Perpetual Series K Preferred Stock, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 03/30/2026 at $25 per depositary share plus declared and unpaid dividends, and with no stated maturity. Non-cumulative distributions of 4.25% per annum ($1.0625 per annum or $0.265625 per quarter) will be paid quarterly on 1/30, 4/30, 7/30 & 10/30 to holders of record on the record date fixed by the board prior to the payment date (NOTE: the ex-dividend date is one business day 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. 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. This security is possibly subject to an early call as a result of the occurrence of a regulatory capital treatment event which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet (see the prospectus for further information). This security was rated as Baa3 by Moody’s and BBB- by S&P at the date of its IPO. 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 - 1/28/2021 - 26.00 Million Shares @ $25.00/share.
Previous Ticker Symbol: FRC-L Changed: 5/02/2023
Market Value $650.0 Million
Click for current FRCLL price quote from the PINK SHEETS
Click for current FRCLL price quote from the NASDAQ
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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 - Mike Roffler |
CFO - Neal Holland |
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