First Republic Bank calls all 5.625% perpetual series C preferreds

By Sarah Lizee

Olympia, Wash., Nov. 29 – First Republic Bank called for redemption all of the outstanding depositary shares relating to its 5.625% noncumulative perpetual series C preferred stock, according to a press release.

There are currently 6 million issued and outstanding series C depositary shares, each representing a 1/40th interest in a share of series C preferred stock.

The depositary shares will be redeemed on Jan. 2 at a redemption price of $25.00 per share, for a total of $150 million, plus all accrued dividends up to but excluding the redemption date.

The private banking institution is based in San Francisco.

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