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FNB Corp., 7.25% Dep. Shares Fixed/Float Non-Cumulative Preferred Stock Ser E
Ticker Symbol: FNB-E* CUSIP: 30255P103 Exchange: NYSE
* NOTE: This security is no longer trading as of 2/15/2024
Security has been Called for: Thursday, February 15, 2024
January 12, 2024 -- F.N.B. Corporation (NYSE: FNB) today announced that its Board of Directors declared the redemption of all $110 million aggregate liquidation preference of the Depositary Shares representing interests in its 7.25% Fixed Rate / Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E (the "Series E Preferred Stock”) (NYSE: FNB PRE). Each Depositary Share represents a 1/40th interest in a share of the Series E Preferred Stock. The quarterly cash dividend of $18.13 per share (equivalent to $0.45325 per depositary share or 1/40th interest per share) on the Series E Preferred Stock will be paid on February 15, 2024, to shareholders of record as of the close of business on January 31, 2024. The redemption date for the Preferred Stock and related Depositary Shares is February 15, 2024 (the “Redemption Date”). The cash redemption price, payable on the Redemption Date for each share of Series E Preferred Stock, will equal One Thousand Dollars ($1,000.00), and therefore, for each Depositary Share, will equal Twenty-Five Dollars ($25.00). Any quarterly dividend declared but not paid prior to the Redemption Date will be paid as described above.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: FNB Corp., 7.25% Depositary Shares, each representing a 1/40th Interest in a share of the Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E, liquidation preference $25 per depositary share, redeemable at the issuer's option after 2/15/2024 at $25 per depositary share plus declared and unpaid dividends, and with no stated maturity. Fixed non-Cumulative distributions of 7.25% per annum ($1.8125 per annum or $0.453125 per quarter) will be paid quarterly on 2/15, 5/15, 8/15 & 11/15 to holders of record on the record date fixed by the board, not more than 30 days or less than 15 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). On and after 2/15/2024 distributions will be paid quarterly on 2/15, 5/15, 8/15 & 11/15 at an annual rate equal to the three-month LIBOR plus 4.60%. The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-48 of the prospectus for further information). This security is possibly subject to an early call as a result of the occurrence of a regulatory capital treatment event which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet (see the prospectus for further information). This security was rated as Ba3 by Moody’s at the date of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (FNB)
IPO - 10/29/2013 - 4.00 Million Shares @ $25.00 /share.
Link to IPO Prospectus
Market Value $ Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 12 Federal Street, One North Shore Center, Pittsburgh, PA 15212 |
| Main Phone Number |
800-555-5455 |
| Fax Number |
Not Available |
| Investor Relations
Matt Lazzaro
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724-983-4944
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| Toll Free Phone Number |
800-555-5455 |
| CEO - Vincent J. Delie, Jr. |
CFO - Vincent J. Calabrese, Jr. |
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