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Industry observers are advising more community banks with trust-preferred securities to raise capital now before Basel III puts them at odds with regulators.
August 22 -
BB&T, Webster and TCF announce redemption plans and other regionals are likely to follow in advance of new capital rules that take effect Jan. 1.
June 19
Bank of New York Mellon (BK) is the latest bank to announce plans to redeem its outstanding trust-preferred securities.
The New York company will repurchase its 6.875% and 5.95% trust-preferred securities with a combined aggregate value of $550 million on Nov. 26, BNY Mellon said Friday.
Banks have started to redeem trust-preferred securities in preparation for stricter capital standards that will begin being phased in 2013. Banks with at least $15 billion of assets as of Dec. 31, 2009, will no longer be able to count trust-preferred securities as part of Tier 1 capital under a provision of the Dodd-Frank Act.
Other banks that said they would
