First Republic Bank (NYSE:FRC) shares were pulling back premarket on Monday.
The negative sentiment could be traced back to a filing by the San Francisco, California-based regional bank on Friday, in which it said its board has decided to suspend dividend payments on all series of preferred shares.
The company said the proposed move was taken as a “measure of prudent oversight.”
Reacting to the development, Ross Gerber of Gerber Kawasaki Wealth and Management said, ” This could be the next shoe to drop. Unfortunately.”
After the collapse of Silicon Valley Bank that triggered deposit outflows from regional banks, 11 banks led by JPMorgan Chase & Co. (NYSE:JPM) advanced loans, aggregating to $30 billion to bail out First Republic Bank.
In premarket trading, First Republic shares fell 2.21% to $13.72, according to Benzinga Pro data.
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