Indiana regional banker Merchants Bancorp (NASDAQ:MBIN) has announced a new fixed-to-floating rate preferred issue. Merchants is a relatively small banker with $5 billion in assets.
Of course being a bank the issue is non-cumulative, but qualified. The early redemption date is in 10/2024 (and of course also when it begins to float)
The bank has announced a permanent ticker of MBINO on NASDAQ after OTC Grey market trading–the OTC ticker has not been announced.
The company has another fixed-to-floating outstanding with a 7% coupon which can be seen here.
George was quick on the draw for a Monday morning on this one and via “Reader Initiated Alerts” alerted me to this issue. George is ‘hearing’ 6-6.125% on the fixed coupon.