First Interstate Bancorp is issuing $200 million in fixed-rate preferred stock through underwriters led by Merrill Lynch & Co. Early indications are that the dividend will be close to 9.75%.

The Los Angeles bank will be the second California bank to tap the preferred stock market in October. Wells Fargo & Co. issued $225 million in preferred last week.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.