As predicted by some yesterday small Virginia community bank MainStreet Bancshares (MNSB) has priced their new preferred offering at 7.50%.
They are selling 1 million shares with an over allotment available of 150,000 shares.
The issue is non-cumulative and is not rated.
Make sure to understand the risk/reward with this issue–presently 22.5% of their loan portfolio is in ‘deferral’–so you can be fairly certain they will be taking large write downs in the near future.
The pricing term sheet can be read here.