Bank of the First Republic FRCwhich received a lifeline from a group of big banks last month, lately announced an austerity measure to weather difficult times.

What happened: First Republic’s board of directors has decided to suspend the payment of quarterly cash dividends on its non-cumulative perpetual preferred stock as a “prudent oversight” measure, the bank said in an 8-K filing on Friday. Because the terms of each series of preferred stock are not cumulative, the board is not required to declare a dividend payable for any dividend period, the bank added.

First Republic also said it would release first-quarter results after the market close on April 24. Phil Timjan, One investor who specializes in investing in community banks asked on Twitter, “Where’s that hiding?”

ross tanner, co-founder of Gerber Kawasaki wealth and investment managementShe also took to the social media platform and wrote, “This could be the next shoe to be dropped.”

Why it matters: The collapse of Silicon Valley Bank And signature bank has triggered fears of contagion and enormous outflows of deposits from regional banks.

A group of the 11 largest US lenders, led by JPMorgan Chase & Co. JPM and paid a total of $30 billion into First Republic at the behest of the government in mid-March to keep operations running.

First Republic ended Thursday’s session up 4.39% at $14.03 Benzinga Pro data.

Continue reading: Banking crisis is how it starts, recession is how it ends

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