First Republic Suspends Dividends on Preferred Stock
The San Francisco bank's shares have fallen by nearly 90% since the beginning of March, when the COVID-19 pandemic caused a sharp decline in the stock market.
First Republic Bank has announced that, due to concerns about loan values and deposit flight in the wake of the financial crisis, it will no longer pay quarterly cash dividends for its preferred stock.
The bank stated that they were suspending payments "as a prudent measure."