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Security Details
- Coupon Rate
- 6.00%
- Liquidation Preference
- $25.00
- Call Price
- $25.00
- Call / Redemption Date
- 11/25/2022
- Maturity Date
- None
- Distribution Period
- Q
- Rate Type
- Fixed
- Annual Distribution
- 1.50
- Distribution Dates
- 2/25, 5/25, 8/25 & 11/25
- Credit Ratings
- Moody's Baa3 · S&P NF (5/10/2019)
- Tax-Advantaged Dividends
- Yes
Security Profile
- CUSIP
- 55264U405
- Market Cap
- Small Cap · $200 Million
- IPO
- 11/13/2017 · $25.00/share
- Previous Symbol
- MBFIO (changed 3/11/2019)
- Parent Company
- Fifth Third Bancorp (FITB)
Business: MB Financial, Inc., 6.00% Depositary Shares Each Representing a 1/40th Interest in a Share of Non-Cumulative Perpetual Preferred Stock, Series C, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 11/25/2022 at $25 per depositary share plus declared and unpaid dividends, and with no stated maturity. Non-Cumulative distributions of 6.00% per annum ($1.50 per annum or $0.375 per quarter) will be paid quarterly on 2/25, 5/25, 8/25 & 11/25 to holders of record on the record date that will be the 15th calendar day prior to the payment date or 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). 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-35 of the prospectus for further information).
Notes: June 24, 2019 -- MB Financial, Inc., which we refer to as MB Financial, entered into an Agreement and Plan of Merger, which we refer to as the merger agreement, with Fifth Third Bancorp, which we refer to as Fifth Third. The merger agreement provides for the merger of MB Financial with and into Fifth Third, with Fifth Third as the surviving corporation, which we refer to as the merger.
Fifth Third owns all of the shares of MB Financial’s common stock, par value $0.01, which we refer to as MB Financial common stock. In the merger, each outstanding share of MB Financial common stock will be cancelled. Additionally, each share of MB Financial’s 6.00% Non-Cumulative Perpetual Preferred Stock, Series C, which we refer to as MB Financial preferred stock, will be converted into the right to receive one share of a newly created series of preferred stock of Fifth Third having substantially the same terms as MB Financial preferred stock. The newly created series of preferred stock is the Fifth Third 6.00% Non-Cumulative Perpetual Class B Preferred Stock, Series A. ______________ 3/11/2019 -- MB Financial, Inc. announced today that it has submitted written notice to the NASDAQ Stock Market of its intention to voluntarily delist from NASDAQ the depositary shares (NASDAQ: MBFIO), each representing a 1/40th interest in a share of the Company’s 6.00% Non-Cumulative Perpetual Preferred Stock, Series C. This action was taken in anticipation of the closing of the acquisition of the Company by Fifth Third Bancorp, which will be effected by the merger of a wholly owned subsidiary of Fifth Third with and into the Company, with the Company surviving the Merger and becoming a subsidiary of Fifth Third. As previously announced, the transaction is expected to close on March 22, 2019. The Company expects to file a Form 25 on March 21, 2019 with the Securities and Exchange Commission to notify the SEC of the Company’s withdrawal of the Depositary Shares from listing on NASDAQ and the Company’s intention to withdraw the Depositary Shares from registration under Section 12(b) of the Securities Exchange Act of 1934, as amended. The Company expects that trading in the Depositary Shares will be suspended after the close of market on March 21, 2019 and that the delisting of the Depositary Shares will become effective ten days from the filing of the Form 25. Upon effectiveness of the Form 25, it is expected that the Company will file a Form 15 with the SEC to terminate the registration of the Depositary Shares under Section 12(g) of the Exchange Act and to notify the SEC of the suspension of the Company’s public reporting obligations with respect to the Depositary Shares. The Depositary Shares and Series C Preferred Stock will remain outstanding following the Merger, but the Depositary Shares will no longer trade on NASDAQ or any other securities exchange.
Company Contact
- CEO
- Mitchell Feiger
- CFO
- Randall T. Conte
- Headquarters
- 800 West Madison Street, Chicago, IL 60607
- Phone
- 888-422-6562 · Toll-Free 888-422-6562
- Fax
- 847-653-0080
- Investor Relations
- Chris Doll · 513-534-2345 · ir@53.com