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April 7 (Reuters) – First Republic Bank (FRC.N) 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.
Reporting by Shivani Tanna in Bengaluru; editing by Diane Craft and Bill Berkrot
Our Standards: The Thomson Reuters Trust Principles.
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