TECTP Tectonic Financial, Inc. - 9.00% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred
We will pay dividends on the Series B preferred stock only when, as, and if declared by our board of directors. Dividends will be payable from the original date of issuance to, but excluding, May 15, 2024, at a rate of 9.00% per annum, payable quarterly, in arrears, on February 15, May 15, August 15, and November 15, of each year, beginning on August 15, 2019. From, and including, May 15, 2024, dividends will be payable at a floating rate equal to three-month LIBOR (as defined herein) plus a spread of 672.0 basis points per annum, payable quarterly, in arrears, on February 15, May 15, August 15, and November 15, of each year, beginning on May 15, 2024. Notwithstanding the foregoing, in the event that three-month LIBOR is less than zero, three-month LIBOR shall be deemed to be zero. We may redeem the Series B preferred stock at our option, subject to regulatory approval, at a redemption price equal to $10.00 per share, plus any declared and unpaid dividends (without regard to any undeclared dividends) to, but excluding, the redemption date, (i) in whole or in part, from time to time, on any Dividend Payment Date on or after May 15, 2024 or (ii) in whole, but not in part, at any time within 90 days following a Regulatory Capital Treatment Event (as defined herein). This security was issued by an entity whose common stock is not publicly traded on a stock exchange.
$9.83 0.00 (0.00%)
As of 03/24/2023 00:00:00 EST IEX book CBOE book
Security Information
Category1: US Equity
Category2: Preferred stocks
Category3: Non-convertible
GICS sector: Financials
Industry:
Index country: USA
Country of incorporation:
IPO date: 05/28/2019
Outstanding shares: 1,500,000
Average volume: 7,357
Market cap: $14,628,000
Current dividend yield: 9.23% calculation
Initial coupon rate: 9.000%
Spread to LIBOR: 0.067200
Cumulative: No
Liquidation value: $10.00
Callable after: 05/15/2024
Maturity date: n/a - perpetual
Prospectus: Read on SEC.gov
All SEC filings: SEC Edgar Online
Quarterly filings: 10-Q
Annual filings: 10-K
Sedol: