PreferredStockChannel
FNB Corp | Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E (FNB.PRE)

Prospectus excerpt:  We are offering 4,000,000 depositary shares, which we refer to as the Depositary Shares. Each Depositary Share represents a 1/40th ownership interest in a share of our Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E, $0.01 par value, $1,000 liquidation preference per share (equivalent to $25 per Depositary Share), which we refer to as the ˘Preferred Stock,÷ deposited with Registrar and Transfer Company as depositary, or the Depositary. As a holder of Depositary Shares, you will be entitled to all proportional rights and preferences of the Preferred Stock (including dividend, voting, redemption and liquidation rights). You must exercise such rights through the Depositary.

Dividends on the Preferred Stock, when, as and if declared by our board of directors or a duly authorized committee of the board, will accrue and be payable on the liquidation preference amount, on a non-cumulative basis, quarterly in arrears on the 15th day of February, May, August and November of each year, commencing on February 15, 2014, at a fixed rate per annum equal to 7.25% from the original issue date to, but excluding, February 15, 2024, and thereafter at a floating rate per annum equal to the three-month U.S. dollar LIBOR on the related dividend determination date plus a spread of 4.60% per annum. If our board of directors or a duly authorized committee of the board fails to declare a full dividend on the Preferred Stock before the dividend payment date for any dividend period, the undeclared dividend shall not be cumulative and shall not accrue or be payable for such dividend period, and we will have no obligation to pay the undeclared dividend for such dividend period, whether or not dividends on the Preferred Stock are declared for any future dividend period. Distributions will be made in respect of the Depositary Shares for any dividend period if and to the extent dividends are paid on the Preferred Stock.

The Preferred Stock has no stated maturity, is not subject to any sinking fund and will remain outstanding unless redeemed at our option. The Preferred Stock may be redeemed at our option, in whole or in part, from time to time, on or after February 15, 2024, at a redemption price equal to $1,000 per share (equivalent to $25 per Depositary Share), plus any declared and unpaid dividends (without regard to any undeclared dividends), on any dividend payment date. The Preferred Stock also may be redeemed at our option in whole, but not in part, within 90 days following the occurrence of a ˘regulatory capital treatment event,÷ as described herein, at a redemption price equal to $1,000 per share (equivalent to $25 per Depositary Share), plus any declared and unpaid dividends (without regard to any undeclared dividends). Any redemption of the Preferred Stock and, in turn, the Depositary Shares is subject to prior approval of the Board of Governors of the Federal Reserve System, which we refer to as the Federal Reserve. The Depositary Shares will be redeemed if and to the extent the related shares of Preferred Stock are redeemed by us. The Preferred Stock will not have voting rights except as set forth under ˘Description of the Preferred Stock¨Voting Rights.÷ A holder of Depositary Shares will be entitled to direct the Depositary how to vote in such circumstances.

Full Prospectus PDF », FNB Page »

Series:E
Alternate symbology:FNB-E, FNB-PE, FNBprE
Redeemable?:Yes
Call Date:2/15/2024
Perpetual?:Yes
Cumulative?:No
Shares Offered:4,000,000
Overallotment:600,000
Liquidation Preference:$25
Recent Market Price:$27.75
Premium to Liquidation Preference:
(More Preferreds Trading at a Premium »)
$2.75 (11.00%)
Annualized Dividend:1.813
Recent Ex-Date:10/28/2021
Current Yield:6.53%
Original Coupon:7.25% from the original issue date to, but excluding, February 15, 2024, and thereafter at a floating rate per annum equal to the three-month U.S. dollar LIBOR on the related dividend determination date plus a spread of 4.60% per annum.
Pay Period:Quarterly
Pay Dates:15-Feb, 15-May, 15-Aug, 15-Nov
CDx3 Compliance Rating: Learn FNB.PRE's Rating
FNB is a bank holding company and a financial holding company. Through its subsidiaries, Co. provides a range of financial services to consumers, corporations, governments and small- to medium-sized businesses in its market areas. Commercial banking solutions include corporate banking, small business banking, investment real estate financing, government banking, business credit, capital markets and lease financing. Consumer banking provides a line of consumer banking products and services including deposit products, mortgage lending, consumer lending and a suite of mobile and online banking services. Wealth management services include asset management, private banking and insurance.

Preferred: FNB.PRE


Open the FNB Information Page »
Name: 
FNB Corp
Website: 
www.fnb-online.com
Sector: 
Banking & Savings
Number of ETFs Holding FNB: 
77 (see which ones)
Total Market Value Held by ETFs: 
$705,097,850.36
Total Market Capitalization: 
$3,827,000,000
% of Market Cap. Held by ETFs: 
18.42%

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