NEW YORK - A $125 million issue of Shawmut National Corp. perpetual preferred stock was priced Tuesday through underwriters led by Morgan Stanley & Co.
The five million shares of $25-a-share stock - expanded from a previously planned four million - were priced to yield 9.3%. The shares are noncallable for five years. Moody's Investors Service rated the issue Ba3, Standard & Poor's Corp. B-plus.
The top five banks and thrifts have combined total assets of nearly $13 trillion.
A new Citizens Bank survey suggests rising check-fraud incidents are driving middle-market companies to accelerate plans to fully adopt digital payments. But 70% of all businesses will continue to rely on checks for years to come, according to recent data from the Association for Financial Professionals.
After several quarters of slumping investment banking and trading fees, the Charlotte, North Carolina-based company reported a big uptick from that division, which helped compensate for a large decline in net interest income.
The Federal Reserve's Office of the Inspector General says the Fed has yet to fulfill 65 recommendations, and also identified 18 outstanding issues at the Consumer Financial Protection Bureau.
The bank will use biometric authentication to streamline checkout in stores starting in 2025. It has already completed internal and external pilots of the technology.
Banks reported nearly $27 billion had been tied up in scams or theft against elderly people in a recent 12-month period, according to a report from the U.S. Treasury.
