First Republic Bank is suspending dividend payment on preferred stock

First Republic Bank FRC on Friday said it would halt paying quarterly cash dividends on its preferred stock. In a filing, the company said the move to suspend those payments, made on Thursday, was “a measure of prudent oversight.” The move for the struggling bank, which teetered as its wealthy clients raced to get their money out following the collapse of Silicon Valley Bank and Signature Bank, comes after it suspended its common-stock dividend last month. The bank received $30 billion in deposits last month from the nation’s largest financial institutions in an effort toward stabilizing the company.

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