Bank of New York Co. on Monday issued $100 million of cumulative depositary preferred stock through underwriters led by Merrill Lynch & Co.
The issue consists of four million shares at $25 each, carrying a dividend of 8.60%.
The dividend was higher than the originally proposed 8.375% but within the revised price talk of 8.50% to 8.625%.
The issue, which is noncallable for five years, is rated A3 by Moody's Investors Service Inc. and BBB by Standard & Poor's Corp.
Should the all-stock transaction close as planned later this year, Wintrust Financial in the Chicago area would gain about $2.7 billion of assets.
The Arkansas Republican is currently the vice chairman of the House Financial Services Committee and has a deep background in the banking industry and policy.
The Buffalo, New York-based bank set a goal four years ago to limit its commercial real estate loan portfolio to 160% of its capital and reserves, and it's closing in on that target, says Chief Financial Officer Daryl Bible.
Democratic Sens. Elizabeth Warren, Mass., and Sheldon Whitehouse, R.I., decried the U.S. Chamber of Commerce's suit against the Consumer Financial Protection Bureau's credit card late fee rule, saying the suit is an example of the kinds of frivolous litigation it opposes elsewhere.
The New York megabank is working to deploy artificial intelligence as it seeks to make its own operations more efficient. Solomon also sees an "unprecedented" opportunity in financing clients' needs as they invest in AI.
In an ongoing case, Citi and the New York attorney general are disputing who is responsible for wire transfer fraud that drained a customer's retirement savings.
