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First Republic Bank Halts Preferred Stock Dividends Amid Crisis

First Republic Bank (NYSE: FRC) announced in a regulatory filing on Friday that it will suspend quarterly cash dividend payments on its preferred stock. The decision was made as a measure of prudent oversight during financial turmoil.

First Republic Bank
First Republic Bank

Previously, the bank had suspended its dividend on the common stock following the collapse of Silicon Valley Bank last month. This move highlights the bank's cautious approach to managing its finances during difficult times.

$30 Billion Injection to Rescue First Republic Bank

Last month, large U.S. banks collectively injected $30 billion in deposits into First Republic Bank. This action aimed to rescue the lender, which was caught in a widening crisis triggered by the collapse of two other mid-sized U.S. banks.