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.