Banking | Innovative Income Investor

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