First Republic Bank Issues Notice of Redemption of Series D Preferred Shares
September 18 2019 - 8:30AM
Business Wire
First Republic Bank (“First Republic”) (NYSE: FRC), a leading
private bank and wealth management company, today announced it is
calling for redemption of all of the outstanding depositary shares
(the “Series D Depositary Shares”) relating to its 5.50%
Noncumulative Perpetual Series D Preferred Stock (the “Series D
Preferred Stock”). There are currently 7,600,000 issued and
outstanding Series D Depositary Shares, each representing a 1/40th
interest in a share of Series D Preferred Stock (NYSE: FRC-PRD,
CUSIP No. 33616C886).
The Series D Depositary Shares will be redeemed on October 18,
2019 (the “Redemption Date”) at a redemption price of $25.00 per
Series D Depositary Share, representing an aggregate amount of
$190,000,000, plus all accrued and unpaid dividends to, but
excluding, the Redemption Date (the “Redemption Price”). The
Redemption Price will not accrue interest from and following the
Redemption Date. On and after the Redemption Date, the Series D
Depositary Shares will no longer be deemed outstanding and no
further dividends will be declared on the Series D Depositary
Shares.
The redemption will have no impact on the regular quarterly cash
dividends payable on the Series D Depositary Shares for the third
quarter of 2019, and such dividends will continue to be payable on
September 30, 2019 to holders of record of Series D Depositary
Shares on September 13, 2019, as described in more detail in First
Republic’s press release dated August 30, 2019.
The notice of redemption specifying the terms, conditions and
procedures for the redemption (the “Redemption Notice”) will be
mailed to holders of record of Series D Depositary Shares, and is
available by contacting Computershare Trust Company, N.A.
(“Computershare”), the transfer agent for the Series D Depositary
Shares, by mail at 150 Royall Street Canton, MA 02021 Attention:
Corporate Actions, 1-800-546-5141 (1-781-575-2765 outside the
United States and Canada). Questions regarding the redemption of
the Series D Depositary Shares may be directed to
Computershare.
This press release does not constitute a notice of redemption
under the certificate of designation governing the Series D
Depositary Shares and is qualified in its entirety by reference to
the Redemption Notice issued by First Republic.
About First Republic
Bank
Founded in 1985, First Republic and its subsidiaries offer
private banking, private business banking and private wealth
management, including investment, trust and brokerage services.
First Republic specializes in delivering exceptional,
relationship-based service and offers a complete line of products,
including residential, commercial and personal loans, deposit
services, and wealth management. Services are offered through
preferred banking or wealth management offices primarily in San
Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach and
San Diego, California; Portland, Oregon; Boston, Massachusetts;
Palm Beach, Florida; Greenwich, Connecticut; New York, New York;
and Jackson, Wyoming. First Republic is a constituent of the
S&P 500 Index and KBW Nasdaq Bank Index. For more information,
visit firstrepublic.com.
Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Statements about First Republic’s expectations, beliefs,
plans, predictions, forecasts, objectives, assumptions or future
events or performance are not historical facts and may be
forward-looking. These statements are often, but not always, made
through the use of words or phrases such as “anticipates,”
“believes,” “can,” “could,” “may,” “predicts,” “potential,”
“should,” “will,” “estimates,” “plans,” “projects,” “continuing,”
“ongoing,” “expects,” “intends” and similar words or phrases.
Accordingly, these statements are only predictions and involve
estimates, known and unknown risks, assumptions and uncertainties
that could cause actual results to differ materially from those
expressed in them. All forward-looking statements are necessarily
only estimates of future results, and there can be no assurance
that actual results will not differ materially from expectations,
and, therefore, you are cautioned not to place undue reliance on
such statements. Any forward-looking statements are qualified in
their entirety by reference to the factors discussed in First
Republic’s Annual Report on Form 10-K for the year ended December
31, 2018 and in our other filings under the Securities Exchange Act
of 1934, as amended. Further, any forward-looking statement speaks
only as of the date on which it is made, and First Republic
undertakes no obligation to update any forward-looking statement to
reflect events or circumstances after the date on which the
statement is made or to reflect the occurrence of unanticipated
events.
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version on businesswire.com: https://www.businesswire.com/news/home/20190918005181/en/
Investors: Andrew Greenebaum / Lasse Glassen Addo
Communications agreenebaum@addoir.com lglassen@addoir.com (310)
829-5400
Media: Greg Berardi Blue Marlin Partners
greg@bluemarlinpartners.com (415) 239-7826
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