$18 billion in assets community banker First Midwest Bancorp (FMBI) is selling a new issue of preferred stock.
The coupon is 7% and the issue is non-cumulative. The normal optional early redemption period will begin 8/20/2025 and on any dividend payment date thereafter.
The issue is rated BB- by S&P and Ba1 by Moodys—not investment grade.
The issue should trade today on the OTC grey market under temporary ticker FMEEL.
mcg had this one in the Reader Initiated Alerts yesterday.