Triumph Bancorp Prices New Preferred–UPDATE TICKER

THE OTC GREY MARKET TICKER IS TMPHL.

Triumph Bancorp (TBK) has priced their previously announced issue of perpetual preferred stock.

The issue priced at a fixed rate of 7.125%. The issue is non-cumulative and qualified. It is unrated by the major rating agencies. There will be a optional redemption available starting on 6/30/2025

The issue will trade on the OTC grey market, but the temporary ticker has NOT yet been announced.

Note that while we have had many smaller banks selling preferreds lately TBK may be about the smallest of the group with assets of just $5 billion. Maybe more due diligence is warranted before purchase.

The pricing term sheet can be read here.

6 thoughts on “Triumph Bancorp Prices New Preferred–UPDATE TICKER”

    1. FMBI will be one more BB or BB- smallish bank coming to market to shore up a fragile balance sheet. They can’t take on more debt and they they don’t want to sell equity in a depressed market for regional banks, so we get preferred.

      It’s not actually a healthy sign.

      The preferreds that have gone to the institutional market recently have been the more solid issues. Truist came out with an issue today.

  1. Triumph Bancorp just completed a $50 million dollar common stock buy back in Q1 2020, average price per share ~$40. Now they’re issuing $45 million of preferred shares at 7.125% and the common stock they repurchased is trading at ~$24. This does not strike me as sound financial management, and I’d expect these shares to trade at a discount for quite some time.

    1. Historically buy backs only really occur at high stock prices. Look at the market now, very little stock buybacks happened at depressed prices compared to every other year.

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