Bank Holding Company CNB Financial Finally Prices New Preferred Issue–Update OTC Ticker

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.

One thought on “Bank Holding Company CNB Financial Finally Prices New Preferred Issue–Update OTC Ticker”

  1. Too small an issuer for me. What is the use of proceeds? It seems strange that they are issuing preferred: the common sells at 92 percent of book and a yield of only about 4. After the issue, the preferred will consist of 16 percent of equity but 33 percent of dividends. The use of proceeds must be pretty important to risk blocking the common dividends.

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