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," according to a Reuters report.
Last month, the bank suspended its dividend on common stock after the collapse of Silicon Valley Bank, stated the Reuters report.
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, added the Reuters report.
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