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First Republic Bank (San Francisco, CA) | 4.125% Dep Shares Non-Cumul Perp Series K Preferred Stock (FRCKL)
Prospectus excerpt: First Republic Bank, 4.125% 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 10/30/2025 at $25 per depositary share plus declared and unpaid dividends, and with no stated maturity. Non-cumulative distributions of 4.125% per annum ($1.03125 per annum or $0.2578125 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. Full Prospectus PDF », Secondary Prospectus PDF », FRC Page »
Series: | K | Redeemable?: | Yes | Call Date: | 10/30/2025 | Perpetual?: | Yes | Cumulative?: | No | Shares Offered: | 20,000,000 | Liquidation Preference: | $25.00 | Original Coupon: | 4.125% | Pay Period: | Quarterly | Pay Dates: | 30-Jan, 30-Apr, 30-Jul, 30-Oct | CDx3 Compliance Rating: |
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First Republic Bank is a commercial bank and trust company. Co. provides private banking, private business banking and private wealth management. Co. conducts its business through two segments: Commercial Banking and Wealth Management. The principal business activities of the Commercial Banking segment include gathering deposits, originating and servicing loans and investing in investment securities. The principal business activities of the Wealth Management segment include the investment management activities of Co.'s subsidiary, First Republic Investment Management, Inc., which manages investments for individuals and institutions. Preferreds: FRC.PRA, FRC.PRB, FRC.PRC, FRC.PRD, FRC.PRE, FRC.PRF, FRCHL, FRCIL, FRCJL, FRCKL, FRCLL, FRCML, FRCCL Open the FRC Information Page »
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