First Republic Bank (FRC) is selling a new issue of preferred stock.
The issue is non-cumulative and qualified. The issue will be investment grade.
FRC has 4 current issues outstanding with coupons ranging from 4.25% to 5.50%–none are currently redeemable.
I have posted the company press release below since FRC is regulated by the FDIC and they do not publish on the SEC website.
Thanks to EarlyBird and later aview for catching this one. razorbackea says the issue has priced at 4.00% with strong demand being shown.
Issue will trade OTC grey market under temporary ticker FRBSV