Small California banker Silvergate Capital Corp (SI) will be selling a new issue of preferred stock. SI has no other outstanding issues of publicly traded preferred stock. This is a small bank with assets of $7 billion.
The terms will be standard banking terms–non-cumulative and qualified. The shares will be optionally redeemable in August, 2026.
The permanent ticker will be SI-A–the OTC grey market ticker is not yet known.
The preliminary prospectus can be read here.