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
Sector: Banking
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
Pacwest Bancorp 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 treasruy rate plus a spread of 4.82%
US Bancorp 4.50% Series O Non-Cumulative Perpetual Preferred Stock
Bank of America 4.75% Non-Cumulative Preferred Stock Series SS
Enterprise Financial Services Corp 5.00% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A
Bank OZK 4.625% Series A Non-Cumulative Perpetual Preferred Stock
Bank OZK is regulated by the FDIC and as such they do not file all statements with the SEC. As such the link below ‘All SEC Filings’ actually takes you to a company web page with all filings listed.
First Republic Bank 4.00% Non-Cumulative Perpetual Preferrred Stock, Series M
On 3/19/2023 S&P downgrade these to CCC