Another smaller community banker is getting on the preferred stock issuance train.
Virginia community banker MainStreet Bancshares (MNSB) will be selling a new non-cumulative perpetual preferred.
Note that this is a pretty tiny bank with $1.5 billion in assets.
Also note that the company offered a payment deferral program to their customers during the Covid 19 pandemic and 22.5% of their outstanding loans are now in deferral–likely this could get ugly as time passes. Read their latest release here.
‘Talk’ is they will be selling around 1 million shares in the 7.375 to 7.50% area which would be comparable to what the other small bankers selling preferreds have priced around.
mcg was right on this one.