Published on 3/5/2020 in the Prospect News Private Placement Daily.
New Issue: Quontic places $8 million of fixed-to-floating perpetual preferreds
By Devika Patel
Knoxville, Tenn., March 5 – Quontic Bank Acquisition Corp. priced and settled an $8 million private placement of 5.99% fixed-to-floating non-cumulative perpetual preferred stock, according to a press release.
The 8,000 preferreds were sold at $1,000 apiece. Dividends will accrue at 5.99% initially, then at a floating rate.
The parent company of Quontic Bank is headquartered in New York.
| Issuer: | Quontic Bank Acquisition Corp.
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| Issue: | Fixed-to-floating non-cumulative perpetual preferred stock
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| Amount: | $8 million
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| Preferreds: | 8,000
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| Price: | $1,000
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| Maturity: | Perpetual
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| Dividends: | 5.99% initially, then a floating rate
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| Announcement date: | March 5
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| Distribution: | Private placement
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