Featured Articles
Customers Bancorp, Inc Fixed-to-Floating Rate 6.50% Non-Cumulative Perpetual Preferred Stock, Series D
Tim McPartland | January 28, 2016
Date Issued 1/26/2016Shares Issued 1,000,000 Overallotment Shares NoneS&P Rating NR Moodys Rating NRSecurity Ticker Symbol CUBI-D OTC Temporary Ticker CUBUPMarket Traded ON NYSEDividend Payment Paid on the 15th of March, June, September and December beginning on 3/15/2016Quarterly Dividend .406 Annual Dividend 1.625Dividend coupon will be fixed at 6.50% until 3/14/2021 and then will float at…
Bank of America Corporation Issues New Preferred Stock
Tim McPartland | January 26, 2016
Financial services giant Bank of America Corporation (NYSE:BAC) has sold a new preferred stock offering that is not investment grade. As a banking company, the issue is required to be non-cumulative, so if dividends are not declared, they are gone forever. As usual, such shares are perpetual and having no maturity date. The issue has the normal five-year optional redemption, meaning the…
Bank of America Corporation 6.20% Non-Cumulative Preferred Stock Series CC
Tim McPartland | January 26, 2016
Date Issued 1/25/2016Shares Issued 40,000,000 Overallotment Shares NoneS&P Rating BB+ Moodys Rating Ba1Security Ticker Symbol BAC-C Temporary OTC Ticker BKRRPMarket Traded ON NYSEDividend Payment Paid on the 29th of January, April, July and October beginning on 04/29/2016Quarterly Dividend .388 Annual Dividend 1.55Securities may be redeemed, at the issuers option, as early as 1/29/2021 for a redemption price…
Wells Fargo and Company Sells a New Preferred Issue
Tim McPartland | January 21, 2016
Banking company Wells Fargo has sold a new investment-grade preferred stock offering that began trading on the OTC Grey Market on Jan. 21. As a banking organization, Wells Fargo’s new issue is required to be non-cumulative. That structure means that if the dividends are not declared, they are gone forever. As usual with such issues, the shares are perpetual and therefore do not have…
Wells Fargo 5.70% Non-Cumulative Perpetual Class A Preferred Stock, Series W
Tim McPartland | January 20, 2016
Date Issued 1/19/2016Shares Offered 35,000,000 Overallotment Shares 5,000,000S&P Rating BBB Moodys Rating Baa2Security Ticker Symbol WFC-W OTC Temp Ticker WLGGPMarket Traded ON NYSEDividend Payment Paid on the 15th of March, June, September and December beginning on 03/15/2016Quarterly Dividend .356 Annual Dividend 1.425Securities may be redeemed, at the issuers option, as early as 3/15/2021 for a redemption price of $25/share plus accrued dividendsDividend Payment Will Likely be a…
