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North Carolina Banker to Sell New Preferred Issue

Regional banker First Citizens Bancshares (FCNCA) has announced a new issuance of preferred stock.

This banker has $39 billion in assets and recently they did a roadshow with an investor presentation in support of their recently sold Subordinated Notes and for this issuance of preferred stock. You can see the presentation here.

It looks like this issue will come as low investment grade with a Baa3 from Moodys.

Dividends will be non cumulative and qualified.

The preliminary prospectus can be read here.

Thanks to EarlyBird for staying in tune with a slow new issue market.

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