First Republic bank to suspend dividends on preferred shares

April 7 (Reuters) – First Republic Bank ( FRC.N ) said in a regulatory filing on Friday that it will suspend quarterly cash dividend payments on its preferred stock “as a measure of prudential oversight.”

Last month, the bank suspended dividends on ordinary shares following the collapse of Silicon Valley Bank.

Major U.S. banks injected $30 billion in deposits into First Republic Bank last month to rescue the lender, which was 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

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