First Republic bank to suspend dividends on preferred stock

(Reuters) – First Republic Bank said in 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)