First Republic Bank 6.2% perpetual preferreds to begin trading on NYSE

By Susanna Moon

Chicago, June 4 - First Republic Bank's depositary shares representing a 1/40th interest in a share of 6.2% noncumulative perpetual series B preferred stock were admitted for trading on the New York Stock Exchange under the symbol "FRC PR B."

First Republic priced a $150 million sale of 6.2% series B noncumulative perpetual preferred stock on May 24.

As previously reported, the liquidation preference is $1,000 per preferred. The securities (Baa3/BBB) were issued as $25-par depositary shares each representing 1/40th of an interest in a preferred.

The San Francisco-based bank has the option to redeem the preferreds beginning in May 2017 or at any time in the event of a regulatory capital treatment event.

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