Banc of California Sells a Nice Preferred
By: Tim McPartland,
Banc of California (formerly First PacTrust Bancorp) has sold a nice yielding non cumulative preferred stock. The issue will have a 7.375% coupon.
The issue is not of interest to us personally as it is perpetual (the non cumulative part doesn’t bother us much–but it may you) and we are not purchasing perpetuals at this time.
Details of the issue are here.
This issue will begin to trade tomorrow (Thursday) on the OTC grey market.