The OTC ticker for temporary trading is announced as CCNEL–although OTC has been known to change these when trading begins.
Bank holding company CNB Financial (CCNE) has finally priced their previously announced new preferred issue.
The issue prices with a coupon of 7.125% which seems to be a little skimpy to me given their level of exposure to retail, hospitality and other widely affected businesses during the pandemic.
Make sure to do plenty of due diligence on these small banking issues–personally I have been ‘flipping’ them–no long term holds.
The issue will trade on the OTC grey market but the ticker is not yet known.
The pricing term sheet can be read here.
david was on this announcement at 2 hours ago.