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Wells Fargo & Company 7.50% Non-Cumulative Perpetual Convertible Preferred, Series L

Originally issued by Wachovia Bank which was acquired by Wells Fargo on 1/1/2009

Issue is not callable

Shares are convertible into shares of Wells Fargo at the option of the holder into 6.3814 shares of Wells Fargo. On and after 3/15/2013 if the price of the common stock exceeds 130% of the conversion price for 20 of any 30 consecutive trading days the company may, at their option force conversion of the then prevailing conversion price. The initial conversion price was $156.71.
Further information can be found in the registration statement




NewtekOne Inc. 8.00% Fixed Rate Senior Notes due 2028





First Merchants Corporation 7.50% Non-Cumulative Perpetual Stock Series B

Originally issued by Level One Bancorp which was acquired by First Merchants effective 4/1/2023




Huntington Bancshares Incorporated 6.875% Series J Non-Cumulative Perpetual Preferred Stock

Shares are fixed-rate reset shares. The coupon is fixed at 6.875% until 4/15/2028 at which point the coupon resets at the 5 year treasury plus a fixed spread of 2.704%. The coupon then resets each 5 years

Only redeemable on a dividend payment date





Merchants Bancorp 8.25% Fixed Rate Reset Series D Non Cumulative Perpetal Preferred Stock

Coupon is fixed until 10/1/2027 at 8.25% after which it is reset at the 5 year treasury plus a fixed spread of 4.34%. The coupon will be reset every 5 years

May only be redeemed on a dividend payment date





Midland States Bancorp 7.75% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock Series A

Coupon is fixed at 7.75% until 9/30/2027 after which it will reset at the 5 year treasury plus a spread of 4.713%. Coupon is reset every 5 years.




Keycorp 6.20% Fixed-Rate Reset Perpetual Non-Cumulative Preferred Stock, Series H

Initial fixed dividend is 6.20% until 12/15/2027 at which point it will reset based on the 5 year treasury plus a spread of 3.132%

Issue may only be redeemed on a dividend payment date





Banc of California 7.75% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock Series A

Coupon will reset every 5 years starting 9/1/2027 to the 5 year treasury rate plus a spread of 4.82%

Banc of California acquired Pacwest and this previous Pacwest Issue is now a Banc of California issue






US Bancorp 4.50% Series O Non-Cumulative Perpetual Preferred Stock




Bank of America 4.75% Non-Cumulative Preferred Stock Series SS