First Republic Bank is redeeming all outstanding depositary shares relating to its 5.50% noncumulative perpetual series D preferred stock.
The bank has 7,600,000 issued and outstanding shares, each representing a 0.025% interest in a share of preferred stock.
Shares will be redeemed Oct. 18 at a price of $25.00 per share for an aggregate of $190 million, plus all accrued and unpaid dividends up to the redemption date.
The redemption will have no impact on the regular quarterly cash dividends payable on the series D depositary shares for the third quarter, and such dividends will continue to be payable Sept. 30 to holders of record on Sept. 13.
