Fulton Financial to Sell Preferred Stock

Pennsylvania banker Fulton Financial Corp (FULT) has announced the intention to sell a new issue of non cumulative preferred stock.

The regional banker, with $24 billion in assets, will sell a $25/share issue with typical terms–non-cumulative, qualified and optionally redeemable in just over 5 years (1/2026).

‘Yield talk’ is in the 5.375% area with a low investment grade from Moody’s.

The issue will trade under FULTP when it hits the NASDAQ.

The preliminary prospectus can be read here.

mcg was on top of this one and razorbackea posited ‘yield talk’

8 thoughts on “Fulton Financial to Sell Preferred Stock”

      1. Good news, Tim: the 10-yr Treas is up to .848! Any day now debt/pref rates should take off!
        Of course, mortgages are available at <2-1/2%… supply of homes for sale is at an all-time low…
        and you need a magnifying glass to see the interest on your savings acct at the bank…
        life today is not our father's Oldsmobile

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