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First Republic Bank (San Francisco, CA) | 6.70% Dep Shares Series A Non-cumul Perp Preferred Stock (FRC.PRA)
This preferred is marked as having been called.
Prospectus excerpt: First Republic Bank, Depositary Shares each representing a 1/40th interest in a share of the 6.70% Series A Noncumulative Perpetual Preferred Stock, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 1/30/2017 at $25 per share plus accrued and unpaid dividends, and with no stated maturity. Noncumulative distributions of 6.70% ($1.675) per annum are paid quarterly on 3/30, 6/30, 9/30 & 12/30 to holders of record on the record date fixed by the board, not more than 60 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is at least 2 business days 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. This security is possibly subject to an early call as a result of the occurrence of a regulatory capital treatment event (see prospectus for further information) which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet. 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 (see page 32 of the prospectus for further information). In regard to the payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. Full Prospectus PDF », Secondary Prospectus PDF », FRC Page »
Series: | A | Alternate symbology: | FRC-A, FRC-PA, FRCprA | Redeemable?: | Yes | Call Date: | 1/30/2017 (Now Trading Post Call Date) | Perpetual?: | Yes | Cumulative?: | No | Shares Offered: | 7,980,000 | Liquidation Preference: | $25.00 | Original Coupon: | 6.70% | Pay Period: | Quarterly | Pay Dates: | 30-Mar, 30-Jun, 30-Sep, 30-Dec | 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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