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First Republic Preferred Capital, 8.875% Series B Non-cumul Preferred Shares
Ticker Symbol: FRCCP* CUSIP: 336163407 Exchange: NNM
* NOTE: This security is no longer trading as of 11/19/2007
Security has been Called for: Monday, November 19, 2007
A QOL user has informed us that FRCCP has been called for 11/19/2007. We can find no information to confirm the call but are assuming that the information is correct. ____________ July 26, 2007 -- First Republic Bank (NYSE: FRC) announced that its stockholders approved the merger of First Republic with a Merrill Lynch & Co., Inc. (NYSE: MER) subsidiary at a special stockholders meeting held today. More than 99% of the votes cast approved the transaction. Under the terms of the transaction, which was announced on January 29, 2007, First Republic stockholders will receive $55.00 for each share of First Republic common stock. Stockholders may elect to receive cash or shares of Merrill Lynch common stock (or a combination of cash and Merrill Lynch common stock), subject to proration, such that the aggregate consideration to be paid by Merrill Lynch will be 50% cash and 50% Merrill Lynch common stock. The completion of the merger remains subject to the receipt of regulatory approval. The merger is currently expected to be completed in the third quarter.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: First Republic Preferred Capital Corp., 8.875% Noncumulative Perpetual Series B Preferred Shares, liquidation preference $25 per share, redeemable at the issuer's option on or after 12/30/2006 at $25 per share plus declared and unpaid dividends, with no stated maturity, and with noncumulative distributions of 8.875% ($2.21875) paid quarterly on 3/30, 6/30, 9/30 & 12/30 to holders of record on the last business day of the quarterly period (NOTE: the ex-dividend date is at least 2 business days prior to the record date). Dividends paid by preferreds issued by REITs are NOT eligible for the 15% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. The Series B shares are exchangeable for preferred shares of First Republic Bank under certain circumstances. In regards to payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. The company operates as a real estate investment trust for federal income tax purposes. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (MER)
IPO - 1/18/2002 - 1.60 Million Shares @ $25.00/share.
Link to IPO Prospectus
Market Value $42.7 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 111 Pine Street, San Francisco, CA 94111 |
| Main Phone Number |
800-392-1400 |
| Fax Number |
415-392-1413 |
| Public Relations
Greg Berardi
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415-566-6277
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| Toll Free Phone Number |
800-392-1400 |
| CEO - James H. Herbert |
CFO - Willis H. Newton, Jr. |
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