Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Fri, May 20, 10:06 PM
|This Slide: #399 of 581|
Slide #399. Commerce Bancshares, Inc. — Preferred Stock Offering
Commerce Bancshares, Inc. (NASDAQ:CBSH)
Price Per Share:
Preferred Stock Offering Details:
Commerce Bancshares, Inc. (NASDAQ:CBSH) ("Commerce") today announced the pricing of a public offering of 6,000,000 depositary shares, each representing a 1/1000th interest in its 6.00% Series B non-cumulative perpetual preferred stock, which qualifies as Tier 1 capital. Purchasers of depositary shares will be entitled to all proportional rights and preferences of the Preferred Stock (including dividend, voting, redemption and liquidation rights). The Series B preferred stock has a liquidation preference of $25,000 per share (equivalent to $25.00 per depositary share), or $150 million in the aggregate. The offering is expected to close on June 19, 2014, subject to customary closing conditions.
Commerce Bancshares is a bank holding company. Through its subsidiary, Commerce Bank, Co. engages in general banking business. Co. is managed in three segments: Commercial, which provides an array of corporate lending, merchant and commercial bank card products, payment solutions, leasing, and international services; Consumer, which includes the retail branch network, consumer installment lending, personal mortgage banking, and consumer debit and credit bank card activities; and Wealth, which provides trust and estate planning services, brokerage services, and advisory and discretionary investment portfolio management services to both personal and institutional corporate customers.
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Hold (1.81 out of 4)
(ranked lower than approx. 100% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com