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Truist Financial Corp 4.80% Dep Share Ser N Reset Rate Non-Cumul Perp Prfd Stock
Ticker Symbol: TEMP08 CUSIP: 89832Q828 Previous CUSIP: 054937AL1 Exchange:
QUANTUMONLINE.COM SECURITY DESCRIPTION: Truist Financial Corp, formerly BB&T Corp., 4.80% Depositary Shares each representing a 1/25th interest in a share of the Series N Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, liquidation preference $1,000 per depositary share, redeemable at the issuer's option on or after 9/1/2024 at $1,000.00 per depositary share plus declared and unpaid dividends, and with no stated maturity. Non-cumulative distributions of 4.80% per annum ($48.00 per annum or $24.00 per semi-annual) will be paid Semi-annually on 3/1, & 9/1 to holders of record on the record date that will be the 15th calendar day prior to the payment date or on the record date fixed by the board, not more than 30 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). Dividends paid on and after 09/01/2024 will pay a reset rate per annum equal to the five-year U.S. treasury rate as of the most recent reset dividend determination date plus 3.003%, and resetting on the 5th anniversary of the prior reset date. (See prospectus for more details). 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. 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). 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-16 of the prospectus for further information). This security was rated as Baa1 by Moody’s and BBB- by S&P 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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Stock Exchange |
Cpn Rate Ann Amt |
LiqPref CallPrice |
Call Date Matur Date |
Moodys/S&P Dated |
Distribution Dates |
15% Tax Rate |
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Reset Rate
$48.00
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$1,000.00
$1,000.00
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9/01/2024
None
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Baa2
BBB-
3/30/2023
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3/1, & 9/1
Click for MW ExDiv Date
Click for Yahoo ExDiv Date
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YES
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Go to Parent Company's Record (TFC)
Notes: The 4.90% Series N Depositary shares were issued on 07/23/2019 and the Company does not intend to list them on an exchange. They have been assigned the temporary ticker symbol TEMP08 by QuantumOnline until the unlikely event that they start trading on the NYSE or on the Other OTC market and their ticker symbol is known.
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IPO - 7/23/2019 - 1.70 Million Shares @ $1000.00 /share.
Link to IPO Prospectus
Previous Name: BB&T Corp Changed: 12/09/2019
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: 214 N. Tryon St. Charlotte, NC 28202 |
Main Phone Number |
336-733-2000 |
Fax Number |
336-733-0118 |
Investor Relations
Ryan Richards
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980-465-5000
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Toll Free Phone Number |
800-226-5228 |
CEO - Kelly S. King |
CFO - Daryl Bible |
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