First Republic Bank, $FRC, has suspended dividend payments on preferred stock

First Republic Bank, $FRC, has suspended dividend payments on preferred stock.

This is after $30 billion was provided to First Republic Bank to stop panic from spreading.

he biggest deposits

• JPMorgan Chase & Co. - made a $5 billion uninsured deposit
• Citigroup Inc. - made a $5 billion uninsured deposit
• Bank of America Corp. - made a $5 billion uninsured deposit
• Wells Fargo & Co. - made a $5 billion uninsured deposit

Other large deposits

• Morgan Stanley - contributed $2.5 billion
• Goldman Sachs Group Inc. - contributed $2.5 billion

Other contributions

• U.S. Bancorp - gave $1 billion
• PNC Financial Services Group Inc. - gave $1 billion
• Truist Financial Corp. - gave $1 billion
• Bank of New York Mellon Corp. - gave $1 billion
• State Street Corp. - gave $1 billion

The Treasury Department, Federal Reserve, Federal Deposit Insurance Corp., and the Office of the Comptroller of the Currency released a joint statement, also mentioning the support from large banks.

Read more: https://unusualwhales.com/news/list-of-banks-that-rescued-first-republic-bank-by-sending-30-billion