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Security Details
- Coupon Rate
- 6.50%
- Liquidation Preference
- $25.00
- Call Price
- $25.00
- Call / Redemption Date
- 10/15/2022
- Maturity Date
- None
- Distribution Period
- Q
- Rate Type
- Fixed
- Annual Distribution
- 1.63
- Distribution Dates
- 1/15, 4/15, 7/15 & 10/15
- Credit Ratings
- Moody's NR · S&P NR (6/15/2025)
- Tax-Advantaged Dividends
- Yes
Security Profile
- CUSIP
- 85917A209
- Market Cap
- Small Cap
- IPO
- 10/2/2017 · $25.00/share
- Previous Symbol
- STL-A (changed 1/21/2022)
- Previous Name
- Sterling Bancorp 6.50% Non-Cumulative Perpetual Preferred Stock Series A
- Parent Company
- Sterling Bancorp (WBS)
Business: Webster Financial Corp 6.50% Non-Cumulative Perpetual Preferred Stock Series G formerly Sterling Bancorp, 6.50% Non-Cumulative Perpetual Preferred Stock Series A, liquidation preference $25 per share, redeemable at the issuer's option on or after 10/15/2022 at $25 per share plus accrued and unpaid dividends, and with no stated maturity. <p> Non-Cumulative distributions of 6.50% per annum ($1.625 per annum or $0.40625 per quarter) will be paid quarterly on 1/15, 4/15, 7/15 & 10/15 to holders of record on the record date that will be the 15th calendar day prior to the payment date or fixed by the board, not more than 60 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is 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. <p> 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. <p> 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). <p> This security was not rated by Moody’s or S&P at the time 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.
Notes: January 31, 2022 -- Sterling Bancorp (“Sterling”) completed its previously announced merger (the “Merger”) with Webster Financial Corporation (“Webster”) pursuant to an Agreement and Plan of Merger (the “Merger Agreement”), dated as of April 18, 2021, between Sterling and Webster. At the effective time of the Merger (the “Effective Time”), Sterling merged with and into Webster, with Webster as the surviving corporation in the Merger. At the Effective Time, each share of Sterling’s 6.50% Non-Cumulative Perpetual Preferred Stock, Series A, par value $0.01 per share, with a liquidation preference of $1,000 per share (“Sterling Preferred Stock”), issued and outstanding immediately prior to the Effective Time was automatically converted into the right to receive one (1) share of Webster preferred stock designated as 6.50% Series G Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share, with a liquidation preference of $1,000 per share (“Webster Series G Preferred Stock”). In addition, at the Effective Time, each outstanding Sterling depositary share representing a 1/40th interest in a share of Sterling Preferred Stock (each, a “Sterling Depositary Share”) was converted into a Webster depositary share representing a 1/40th interest in a share of Webster Series G Preferred Stock.<p> Oct. 02, 2017 -- Sterling Bancorp (NYSE:STL) today announced the completion of its previously announced merger with Astoria Financial Corporation (NYSE:AF) Pursuant to the terms of the Agreement and Plan of Merger, dated as of March 6, 2017, between Sterling and Astoria, each share of Astoria common stock has been converted into the right to receive 0.875 shares of Sterling common stock, with cash to be paid in lieu of fractional shares. In addition, each share of Astoria’s preferred stock, par value $1.00 per share with a liquidation preference of $1,000 per share, has been automatically converted into the right to receive one share of Sterling’s preferred stock (STL-A), par value $0.01 per share with a liquidation preference of $1,000 per share. The combined company will operate under the Sterling Bancorp name and its principal banking subsidiaries will operate under the name of Sterling National Bank.
Company Contact
- CEO
- John R. Ciulla
- CFO
- Glenn I. MacInnes
- Headquarters
- 200 Elm Street, Stamford, CT 06902
- Phone
- 203-578-2202 · Toll-Free 800-995-9995
- Fax
- 203-578-2315
- Investor Relations
- Emlen Harmon · 212-309-7646 · eharmon@websterbank.com