First Republic to redeem outstanding 5.5% series G preferred stock

By Taylor Fox

New York, Feb. 8 – First Republic Bank plans to redeem all of the outstanding depositary shares relating to its 5.5% noncumulative perpetual series G preferred stock (Cusip: 33616C837), according to a news release.

Currently, there are 6 million issued and outstanding series G shares, each representing a 1/40th interest in a share of series G preferred stock.

The preferreds will be redeemed March 30 at a price of $25.00 per share, representing $150 million plus dividends.

As a result of the redemption, a regular quarterly cash dividend will not be payable on the series G depositary shares for the first quarter of 2021, and the accrued but unpaid dividends to, but excluding, the redemption date will be included in the redemption price.

Computershare Trust Co, NA (800 546-5141) is the transfer agent.

First Republic is a San Francisco-based financial services company.

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