(Adds details from the filing and background)
April 7 (Reuters) – First Republic Bank
a regulatory filing on Friday that it will suspend payments of
quarterly cash dividends on its preferred stock “as a measure of
prudent oversight.”
Last month, the bank suspended its dividend on common stock
after the collapse of Silicon Valley Bank.
Large U.S. banks injected $30 billion in deposits into First
Republic Bank last month to rescue the lender caught up in a
widening crisis triggered by the collapse of two other mid-sized
U.S. lenders.
(Reporting by Shivani Tanna in Bengaluru; editing by Diane
Craft and Bill Berkrot)
((ShivaniJayesh.Tanna@thomsonreuters.com;))
Keywords: GLOBAL BANKS/FIRST REPUBLIC (UPDATE 1, PIX)
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