PITTSBURGH – F.N.B. Corporation (NYSE: NYSE:), a diversified financial services company, has announced the redemption of all outstanding shares of its Series E Preferred Stock. The company’s Board of Directors declared that the $110 million aggregate liquidation preference of the Depositary Shares, each representing a 1/40th interest in a share of the Series E Preferred Stock, will be redeemed on February 15, 2024.
Shareholders of record as of the close of business on January 31, 2024, will receive the final quarterly cash dividend of $18.13 per share of Series E Preferred Stock, equating to $0.45325 per depositary share. Payments will be made on the redemption date, with each share of Series E Preferred Stock being redeemed at a cash redemption price of One Thousand Dollars ($1,000.00), and each Depositary Share at Twenty-Five Dollars ($25.00).
After February 15, dividends on the redeemed securities will cease to accrue, and the Depositary Shares will no longer be outstanding. The Bank of New York Mellon (NYSE:), acting as the Depositary, will make the payment in accordance with the Deposit Agreement governing the Depositary Shares.
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