Small Texas banker and investment services company Tectonic Financial Inc will be selling a $10/share preferred stock offering.
We are not familiar with Tectonic and it appears they are a private company at this point in time. The company was formed in 2004.
The new preferred issue will be a fixed-to-floating rate preferred and will be composed of 1.5 million shares with another 225,000 shares available for over allotments.
Dividends will be paid quarter, the issue will be non-cumulative and will trade on NASDAQ under ticker TECTP.
Pricing and OTC Grey market ticker have not been announced.