Originally issued by First Midwest. First Midwest merged with Old National Bank on 2/16/2022.
Only redeemable on a dividend payment date
Sector: Banking
Cullen Frost Bankers Inc. 4.45% Non-Cumulative Perpetual Preferred Stock, Series B
Only redeemable on a dividend payment date
Bank of America Corporation Non Cumulative Perpetual Preferred Convertible Preferred Stock Series L $1000
Shares are convertible, at the option of the holder any time into 20 shares of BAC (an initial conversion of $50). After 1/30/2013 if the common shares exceeds 130% of the conversion price for 20 or any 30 consecutive day perior the company may force a conversion at the current conversion rate
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
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