5.125% Dep Shares Non-Cumul Perp Series H Preferred Stock (FRCHL)
Prospectus excerpt: First Republic Bank, 5.125% Depositary Shares each representing a 1/40th interest in a share of the Non-cumulative Perpetual Series H Preferred Stock, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 6/30/2022 at $25 per depositary share plus declared and unpaid dividends, and with no stated maturity. Non-cumulative distributions of 5.125% per annum ($1.28125 per annum or $0.3203125 per quarter) will be paid quarterly on 3/30, 6/30, 9/30 & 12/30 to holders of record on the record date fixed by the board, not more than 60 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate.
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| Series: | H | | Redeemable?: | Yes | | Call Date: | 6/30/2022 (Now Trading Post Call Date) | | Perpetual?: | Yes | | Cumulative?: | No | | Shares Offered: | 8,000,000 | | Liquidation Preference: | $25.00 | | Original Coupon: | 5.125% | | Pay Period: | Quarterly | | Pay Dates: | 30-Mar, 30-Jun, 30-Sep, 30-Dec | | "Compliance Score" Rating: |
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FRCHL is First Republic Bank's 5.125% Depositary Shares Non-Cumulative Perp Series H Preferred Stock. First Republic Bank uses preferred stock as one layer of its overall capital structure, alongside common equity and other forms of financing. This preferred stock ranks ahead of FRCB common shares in the capital structure.
First Republic Bank uses preferred stock within its capital structure to leverage common equity and potentially enhance returns for common shareholders. Investors evaluating FRCHL typically compare the 5.125% coupon, non-cumulative dividend treatment, quarterly dividend schedule, $25.00 liquidation preference, and call risk around the 6/30/2022 call date against current yield, dividend history, trading price, and similar preferred stocks.
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