North Carolina banker First Citizens Bancshares (FCNCA) has priced their new issue of non cumulative preferred stock.
The pricing is at 5.375%–higher than I anticipated. The issue is rated Baa3 (investment grade). Interestingly this issue has just a 1.30% underwriting discount which indicates to me that with the coupon the underwriters believe this will be an early sell.
Shares will trade immediately under OTC Grey market ticker FCIZP.