Indeed, being just good will not cut it in ourhighly competitive financial industry. Not disclosing how many customer records were stolen could keep you off the front page. With nearly 600bank officers & directorsfrom 300+banks joining us at the Arizona Biltmore for AOBA this Sunday through Tuesday, what follows are seven trends in bank M&A that I expect this hugely influential audience to hear and work to address. The decision to buy another bank often takes center stage at events like these, and their honesty in addressing both their struggles and excitement certainly set the tone for todays program. We probably did outgrow our infrastructure, says Gold. However, these positives will likely be mitigated by weak year-over-year comparisons for market-related revenue, sluggish balance sheet growth, and a continued decline in mortgage banking activity. Of particular note: they expect the M&A discussion to gain prominence given the pickup in deal activity and outperformanceof stronger acquirers who have recently announced transactions along with the following catalysts: Icontinue to hear thatM&A activity will remain largely relegated to smaller deals for banks with assets of $1 billion or less and this report certainly reinforced this view. The Buffalo Promise program now includes two additional schools, one of them an early learning center that was built in 2013 and acts as a feeder to Westminster. But what about a Buffalo, New York-based $123 billion asset bank that operates in eight states and the District of Columbia? Hudson City was M&Ts 23rd acquisition of either branches or whole institutions since 1987, and many of those deals involved thrifts. Absolutely, thanks to Bank Directors inaugural Growth Conference. M&T and the Annie Casey Foundation provide the balance of the funding. M&T focuses its lending on consumers and small- and middle-sized businesses, and also provides wealth management and fiduciary services through its Wilmington Trust subsidiary to individuals and corporations. Virginia Tech is the 2nd largest public college in the state and is a major research institution. In yesterdays Wall Street Journal, Robin Sidel and Andrew Johnson began their Big Profit Engines for Banks Falter with a simple truth: it is becoming tougher and tougher being a U.S. bank. Naomi has a bachelors degree from the University of Michigan and a masters degree in Journalism from the University of Illinois. In Michigan, as the economy soured, the soft and hard costs of growth made the decision slightly easier to bear. As he sharedearlier this month, banking has never had to focus on a comprehensive sales process. However, now that the market has become competitive, the lack of sales infrastructure hurts.. The overwhelming majority of deals today involve community banks, many of whomhave their CEOsattendingAOBA. For now, let me suggest a trip to Amazon to check out Bretts latest book, If youre looking for a bank that is leading the field in terms of core income, net loans/leases and core non-interest income, look no further than. Increasingly, I hear that growth-focused banks are considering (or implementing) strategies that create revenue growth from both net interest income and fee based revenue business lines think government guaranteed lending, asset based lending, leasing, trust and wealth management services. Our challenge now is to make something more out of the franchise than what it was, says Gold. The bank made a $30 million tax-deductible cash contribution to the M&T Charitable Foundation in the fourth quarter of last year, which reduced its net income by $18 million, or 12 cents of diluted earnings per common share.
Floating Rate Preferred Perpetual Series 1, Bank of America Corp. As my colleague Jack Milligan writes in our 2nd quarter issue of Bank Director magazine, just because a bank cant own a car dealership doesnt mean there isnt enormous flexibility in determining a banks strategy. Curious what this means? As such, they are subject to stricter supervision by the Federal Reserve than smaller banks receive, including higher capital requirements and mandatory stress testing. If you require advice in relation to any financial matter you should consult an appropriate professional. M&Ts financial support is vital to BPN in other ways as well. The official minutes need to reflect this demand, without necessarily going overboard with 25 pages of detailed discussion, for example. So, too, are their communities.. One caveat:pricing has a strong correlation to both the size &location of aseller +the size of the potential buyer. For now, let me suggest a trip to Amazon to check out Bretts latest book, Bank 3.0: Why Banking Is No Longer Somewhere You Go But Something You Do. Some show organic growth as they build their base of core deposits and expand their customer relationships; others leverage product innovation or focus on their branch network. A chance to catch up on various blogs and articles like thoseauthored by Jack Milligan. The impacts of these decisions are real, Wilmers added. If this is happening to you, please try clearing the browser cookies related to the domain "fintel.io" and try logging in again. Bank 3.0: Why Banking Is No Longer Somewhere You Go But Something You Do. Frank Schiraldi, an equity analyst at Sandler ONeill + Partners who covers M&T, says the stocks total return since June 1997 is 747 percent. They understand the drill, he says. The median net interest margin (NIM) among the best performers was 3.40% versus 3.24% for the peer group. Layer on the increased focus of larger banks on growing their C&I and small business lending portfolios due to increased regulatory pressure on consumer products and you understand how challenging it is for community or regional bank CEOs and boards to devise effective growth strategies. And yet for all that, Hudson City has still turned out to be a good acquisition for M&T, even if it took much longer for the benefits to surface than anyone there expected. Starting this Sunday at the Arizona Biltmore, Bank Directors team once again opens the doors to ourannual Acquire or Be AcquiredConference affectionately called AOBA (ay-oh-bah). Based on this background, and her current responsibilities, I asked for her thoughts on the qualities and characteristics of a successful bank CEO. In her words, some of the CEOs of great banks seem to have leadership qualities without being bullies. As he sees it, these are technologies that most large companies are familiar with; technologies that involve improving a product that has an established role in the market. The top 200 publicly traded community banks 2021, Top-performing U.S. community bank shows value of revenue diversification, 20 banks with the biggest commercial real estate loan portfolios, The companies at the forefront of real-time payments, Warning signs emerge for neobanks: Doomed to not survive, Community Financial Group, Inc. (Spokane, WA), Commercial National Financial Corporation, Horizon Bancorp, Inc. (Lake Havasu City, AZ). Yes, certain discussionsduring thistime focused ontepid loan growth,higher capital requirements andexpense pressures & higher regulatory costs hitting banks today. Small and mid-sized banks importance to the overall economy and select business sectors remains in place;however, their earnings potential is less diverse then big banks, making them more vulnerable to new competitors and shifts in pricing of financial products. Based onthe current market appetite for growth, access to capital is becoming a larger consideration for management and boards, especially if it gives them a public currency with which to acquire and expand. If youre interested in the factors fueling this increase in IPO activity, theirRevival of the Bank IPOis worth a read. M&Ts own investor presentation points out that just 23 of the 100 largest U.S. banks that were operating in 1983 when Wilmers took over are still around today. Film a 90 second or less video each evening that summarizedthe days salient points. , . Jim elaborated on her point, sharing the banks board explored organic growth, a partnership or outright sale of the bank and a combination of organic growth coupled with M&A under Cathys leadership. It is doubtful that M&T makes much, if any, money off of the nearly 12,000 residents who live in the BPN community. Led by Chairman & CEO David Pijor, FVC was a November 2007 de novo that has grown to $422 million in assets as of December 2013. (He also spent a lot of time complaining about bank regulation.) (3) Finally, Brett King and Sankar Krishnan explored the end-game in the emergence of the mobile wallet and what it means for the humble bank account. With more than 60% of the worlds population without a bank account and the ubiquitous nature of mobile phone handsets and the increasingly pervasive pre-paid value store the two openly considered will banks still be able to compete. We missed that cue and we shouldnt have, and I think we all recognize that and readily admit that. M&T would eventually invest hundreds of millions of dollars building out an enterprise risk management infrastructure, including BSA and anti-money laundering compliance, an effort that was led by Gold. Floating Rate Preferred Perpetual Series 5, Bank of America Corp. , . Walking through the facility with Hokanson and Principal Rob Ross on an afternoon in late May of this year, the halls were full of the joyful noise of children who seemed very happy to be there. But their focus on the long-term return on equity and investment drove much of their strategy to get ahead by going small(er). In particular, the middle class and small businesses are losing ground. While risk is inherent to banks of all sizes, taking chances on emerging technologies continues to challenge many officers and directors a theme I anticipate covering in greater detail over the next 90 days. Aloha Friday to all, especially my niece and sister-in-law on their birthdays. Even with wifi-enabled planes, I still find travel by air the best way to work uninterrupted. Mobile Capabilities Have Become Table Stakes. But it is a community that Wilmers and M&T have invested heavily in nonetheless. Each year, Bank Director magazine looks at all U.S. banks and thrifts to identify the strongest growth banks. ROAA and ROAE), larger banks are growing and consistently outperforming smaller banks. Its a formula shared by many on American Banker's list of the 200 highest-performing publicly traded small banks. Todays regulatory environment can hold up a deal so it has become popular to note that banks can make acquisitions depending on how clean both the buyer and seller are +how big the resulting bank becomes. Why banks are bought or sold involves much more than just the numbers making sense. The bank reported net income for 2016 of $1.32 billion, a 22 percent increase over 2015. Focus on the people who matter most: your customers and investors and possibly, your regulators. M&Ts efficiency ratio dropped from 58.0 percent in 2015 to 56.1 last year, and this improvement also helped boost its profitability. Each year, Bank Director hosts a two day peer exchange for CEOs and Chairmen of financial institutions from across the U.S. True, a number of banks seek to extend their footprint and franchise value through acquisition. As Jack shared, C&N is situated in North Central Pennsylvania, not exactly a banking growth market although the local economy has received a bit of a lift from natural gas exploration in the Marcellus Shale Region. The qualifier? A flashback to my freshman year of high school? Wilmers believes deeply in the importance of strong local communities, if his 2016 letter to M&Ts shareholders is any guide. This 34 percent decline in high-cost liabilities, combined with its strong loan growth, resulted in a 22 percent rise in the banks net interest income for the year. Whether you are coming to the conference or just interested in following the conversations, I invite you to follow me on Twitter via @AlDominick and/or @BankDirector and search & follow #AOBA16 to see what is being shared with and by ourattendees. As is common with many Scorecard winners, M&Ts performance was marked by its balance. At Als request,Im going to step in and give a quick recap of Bank Directors Audit and Risk Committees Conference in Chicago this week. Ross smiled when he talked about seeing the dining hall filled with grandmas, and moms and dads and realizing that every one of those kidsyes, they got a scholarshipbut they were working really hard not just to keep the scholarship but excel..
M&A conferences: Acquire or Be Acquired. Headquartered in Paramus, New Jersey, Hudson City operated on a traditional thrift model with its reliance on high- cost time deposits to fund a home loan origination platform that was heavily focused on jumbo mortgages, a product that M&T did not offer. Not only is it solely focused on organic growth, its also focused solely on private banking. Enterprise Financial Services Group, Inc. Fifth Third Bancorp Depositary Shares each representing 1/40th share of Fifth Third 6.00% Non-Cumulative Perpetual Class B Preferred Stock, Series A, Fifth Third Bancorp Depositary Shares each representing a 1/1000th ownership interest in a share of Non-Cumulative Perpetual Preferred Stock, Series K, First BanCorp, 7.40% Non-Cumul Perp Monthly Income Preferred Stock, Series C, First BanCorpFirst BanCorp, 7.125% Non-Cumul Perp Monthly Income Preferred Stock, Series A, First Citizens BancShares, Inc. Depositary Shares, First Horizon Corporation Depositary Shares, each representing 1/4000th Interest in a Share of Non-C, First Horizon National Corporation Depositary Shares, Each Representing a 1/ 4000th Interest in a Sh, First Horizon National Corporation Depositary Shares, each representing a 1/400th interest in a shar, First Internet Bancorp 6.0% Fixed-to-Floating Rate Subordinated Notes Due 2029, First Midwest Bancorp, Inc. Depositary Shares Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, First Midwest Bancorp, Inc. Depositary Shares Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series C, Fulton Financial Corporation Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A. Grupo Financiero Santander Mexico S.A. B. de C.V. Hancock Whitney Corporation 6.25% Subordinated Notes due 2060, Hartford Schroders Commodity Strategy ETF, Heartland Financial USA, Inc. Depositary Shares, each representing a 1/400th ownership interest in a share of 7.00% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E, Huntington Bancshares Incorporated Depositary Shares each representing a 1/1000th interest in a share of Huntington Series I Preferred Stock, ICICI BANK LTD/DUBAI SR UNSECURED REGS 01/20 3.65, ING Groep N.V., 6.125% ING Perpetual Debt Securities, JPMorgan Alerian MLP Index ETN due 5/24/2024, JPMorgan Chase & Co. Depositary Shares, each representing a 1/400th interest in a share of 4.20% Non, JPMorgan Chase & Co. Depositary Shares, each representing a 1/400th interest in a share of 4.55% Non, JPMorgan Chase & Co. Depositary Shares, each representing a 1/400th interest in a share of 4.625% No, JPMorgan Chase & Co. Depositary Shares, each representing a 1/400th interest in a share of 6.00% Non, JPMorgan Chase & Co. Depositary Shares, each representing a 1/400th interest in a share of JPMorgan, KeyCorp Depositary Shares each representing a 1/40th ownership interest in a share of Fixed Rate Per, KeyCorp Depositary Shares, each representing a 1/40th ownership interest in a share of Fixed Rate Pe, LLOYDS BANKING GROUP PLC /EUR/ REGD V/R REG S EMTN 0.50000000, Level One Bancorp, Inc. Depositary Shares, Each Representing a 1/100th Interest in a Share of 7.50% Non-Cumulative Perpetual Preferred Stock, Series B, MainStreet Bancshares, Inc. Depositary Shares, Merchants Bancorp 7.00% Fixed-to-Floating Rate Series A Non-Cumulative Perpetual Preferred Stock, Merchants Bancorp Depositary Shares Each Representing a 1/40th Interest in a Share of Series B Fixed-to-Floating Rate, Merchants Bancorp Depositary Shares Preferred Series C, MicroSectors Oil & Gas Exp. By design, the numbers I share in the image aboveonly reflect key data fromthefinancial institutions attending. The bank also spent approximately $1.5 million renovating homes in the BPN footprint in 2014 and 2015. , , , : , Squid Game , . As I talked with IgnitesCEO, Mitchell Orlowsky, he made clear thatnon-bank competitors are eating away at bankscustomer base, in part because banks have paid little attention to the sales process. Part of that is making sure that things go well in the community, and thats sort of like being for Mothers Day., Wilmers is not the easiest interview for a journalist. B. Riley, Buyout Once Rebuffed, Raises Lazydays Stake While my conversation with Jim was off-the-record, I left his office convinced its the smarts within, not the size of, a bank that will separate the haves from the have-nots in the years ahead. M&T has attracted a strong following among institutional investors who value its predictability. Enter your email address to follow this blog and receive notifications of new posts by email. While Ill steer clear of anysoccer talk until the U.S. takes the field against Ghana in a few weeks,Collins statement sparked the three thoughts I share today. , President, Digital, Time Inc. News and Sports Group. ; Innovate within your business model, as banks that succeed most often are the ones that continually evolve and out-innovate their peers. This website is provided as is without any representations or warranties, express or implied. Local regulators are increasingly deferring questions to Washington, D.C., where they can get stuck in limbo. Certainly any institution that meets that definition under $1 billion would be considered a community bank, although many institutions over that threshold level would make the same claim. As the President of Bank Director, Im lucky to lead one of the industrys biggest (and dare I say best?) Likewise,Jim Herberts work to buildFirst Republic Bank (the bank he founded in 1985 and is listed on the NYSE) deserves praise and recognition. Banco Latinoamericano de Comercio Exterior S.A. Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, BancorpSouth Bank 5.50% Series A Non-Cumulative Perpetual Preferred Stock, Bank of America Corp. 7.25% Preferred Perpetual Convertible Series L, Bank of America Corp. , , , , , ! consumer confidence continues to improve, unemployment is on the decline and the home price index continues to tick up). Having shared my keytakeaways from our annual Bank Audit & Risk Committees conference on Wednesday and Thursday, I invitedNaomi to share her post-conferencethoughts on my blog. So what follows are three thoughts from this week that builds on my time at the Four Seasons in Chicago. (See the methodology here.). From companies like StrategyCorps, Ignite Sales and VerifyValid to PwC, Fiserv and IBM, we have a tremendous roster of companies joining us in Louisiana to share whats working at the myriad banks they support. . In his address, he noted a few bright spots have given the banking industry hope that economic and financial recovery is just around the corner (e.g. As I shared in yesterdayspost, we are putting the finishing touches on this years Acquire or Be Acquired conference.
Asseen in their superior financial metrics (e.g. As you can tell from this picture, nearly300 people attended ourconference at The Palmer House hotel and they got a lot of frightening news about risks for their financial institutions, including cyber risk, interest rate risk, compliance and reputation risk in the age of social media. Since the magazine mails today, I thought to offer a sneak peek of the results: What I find interesting about the top two banks on this very strong list:both Customers Bank and EverBank Financial designed their business models around technology from their very beginnings. ! Floating Rate Preferred Perpetual Series 4, Bank of America Corp. So in advance of this years biggest merger andacquisitions (M&A) conference, a few things I feel attendees ofAOBA shouldknow. They understand the cultural complexion of [M&T] and are able to not only represent that but teach it.. Banks are there to take care of peoples surplus liquidity, and help them buy a car and build a house and manage a business, he said in an interview. C&N has a little over $1.3 billion in assets and was the top ranked $1-$5 billion bank on Bank Directors 2012 Bank Performance Scorecard and the 2nd ranked bank in 2013., Finally, Jack laudedNational Bankshares Inc., an organization thatcountsJames Rakes as its Chairman & CEO.
Mitchell shared how more progressive banks have begun to hire experienced sales management from other industries that bring the expertise needed to change this culture. Cyber attacks, such as the one that befell Target Corp., can be devastating and cost the CEO his or her job. Some years back, BPN created a scholarship program, also funded by M&T, that pays the tuition for its best students to attend the top private high schools in Buffalo. It is a real treat to share, each Friday, three short stories about what Im hearing, learning and talking about as I travel around the country. 
As the conference agendareflects, we dive deeper into topics like these and look at pre-deal considerations, post-integration challenges and everything in between. the sister conference to Growth, Acquire or Be Acquired), Ill be posting a number of pieces next week from the Crescent City and invite you to follow along on Twitter via @aldominick, @bankdirector and using #BDGrow14. So in advance of Bank Directors 22nd annual Acquire or Be Acquired Conference, seven M&A trends to consider. M&T has invested $16.6 million in the school to date, which includes a significant renovation to the building, and it manages all of the schools operations. It was still accretive from an earnings standpoint and from a tangible book value standpoint, so financially it was still a very good deal, says Schiraldi. Did you know Dallas lies in a large prairie running through the center of the United States? . & Prod. Certainly, the buying and selling of banks has been the industrys great game for the last couple of decades. While big bankstypically garner mainstream headlines Wells Fargo, Citi, JPMorganChase and Bank of America account for a whopping $8.1 Trillion of the $17.3 Trillion assets held by banks in the U.S. the buying and selling of banks takes place outside their domain. Indeed, to successfully negotiate a merger transaction, buyers &sellers must bridge the gap between a number of financial, legal, accounting and social challenges. But when asked whether the American Dream, as it is embodied in middle-class families and small-business owners, is beginning to fray, Wilmers had this to say: [Thirty years ago], 70 percent of the work force didnt have a high school degree. Now, I will tease Jack that he could have talked about a number of fine community banks in the Washington, D.C. area (for example, the Bank of Georgetown, which has grown considerably under the leadership ofMike Fitzgerald, theirChairman, President & CEO). Most large companies are adept at turning sustaining technology challenges into achievements. Most recently, she was a reporter for The Tennessean, Nashvilles daily newspaper. At the same time, more investors are taking a what have you done for me lately approach and emphasizing nearer-term results. M&T also shed nearly $2.6 billion in interest-bearing deposits it acquired with Hudson City, a thrift that relied on certificates of deposit for most of its funding. He gives full voice to both in his 2016 shareholders letter, with roughly half of its 34 pages devoted to those concerns. A recent report found that less than 5% of challenger banks are breaking even. That transformation is underway, and its a process that M&T is very practiced at. Enterprise Financial Services Group, Inc. So for those not able to join us but interested in following the conversations I invite you to follow me on Twitter via @AlDominick, the host company, @BankDirector, and search & follow #AOBA16 to see what is being shared with (and by) our attendees. As their report says, this vision is where channel distinctions are less important and improving customer experience becomes the supreme goal, no matter where or how customer interactions occur, whether at a branch, an ATM, online, or via a mobile device. Asmobile is increasingly becoming the primary method of interaction with financial institutions, theinformation shared is both intuitive and impactful. Yes, this equates to more takeovers than the year before, but they were generally smaller in size. Over the long term, M&T has been a good performer in terms of asset quality and their earnings profile and they tend to do well among large bank peers, says Rita Sahu, a credit research analyst who covers M&T for Moodys Investors Service.
This list is made from self-reported SIC codes that companies file with the SEC. Its relatively simple business model of checking accounts, loans and investment management advice fits comfortably with Wilmers description of the role that banks are supposed to play. Low rates have benefited the wealthy more than middle-class families, who tend to be savers rather than investors. They understand what needs to be done. Sustaining technologies are those that improve product performance. Oregon Bancorp, the holding company for Willamette Valley Bank, posted an ROAE of 32.84% in 2021, helping the $407 million-asset bank secure the No. , , () . Inspired by my coach and an article entitled the Best CEOs of 2013 that ran on Yahoo Finance, I reached out to a number of colleagues that work for professional services firms to ask their thoughts on the top CEOs at financial institutions along with why they hold them in such regard. Yes, thisis a city where I learned about Coke floats, Suburbans and sayings like if I say a hen dips Skoal, you can look under her wing for the can. Curious how Im going to relate my time in Big D to the banking space? An intriguing contrarian bet should attract some attention, Cannabis stocks rally as US Senate expected to introduce decriminalization bill next week We have received numerous reports that people cannot login. Bank of Hawaii Corporation Depositary Shares Each Representing a 1/40th Interest in a Share of 4.375, Bank of N.T. He is polite and courteous, but has a tendency to reply to most questions with a brief answer or a deflection. In 2012, there were 230 acquisitions of healthy banks totaling $13.6 billion. Thirty years from now, 70 percent of the work force will need more than a college degree, in a time when arguably our educational system is getting worse, not better. Trying to make lives better.
Part two built on that piece, highlighting three exceptional CEOs that lead publicly traded banks before shifting to the thoughts and opinions of two very talented colleagues. An hour spent with him is to experience a fox hunt from the perspective of the hound. To kick off the year, I put together a two-part series on some of the top CEOs in our industry.
Ok, anyone who has visited knowit is fairly flat but did you know it isone of the largest cities in the world not located on a navigable river? 3x Leveraged ETNs due June 28, 2041, NATWEST MARKETS PLC SR UNSECURED REGS 03/20 VAR, NatWest Group plc , (Each representing 2 ordinary shares), Northern Trust Corporation Depositary Shares Each Representing a 1/1,000th Interest in a Share of Series E Non-Cumulative Perpetual Preferred Stock, PNC Financial Services Group, Inc., 6.125% Dep Shares Fixed/Float Non-cum Preferred Stock P, Pinnacle Financial Partners, Inc. Depositary shares of Pinnacle Financial Partners, Inc., each representing a 1/40th Interest in a share of its 6.75% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series B, Popular Capital Trust I, 6.70% Cumul Monthly Income Trust Preferred Securities, Popular Capital Trust II, 6.125% Cumul Monthly Income Trust Preferred Securities, Popular Inc., 6.375% Non-cumul Monthly Income Preferred Stock, 2003 Series A, ROYAL BK SCOTLND GRP PLC SR UNSECURED REGS 09/26 VAR, Regions Financial Corporation Depositary Shares, Each Representing a 1/40th Interest in a Share of 4, Regions Financial Corporation Depositary Shares, each Representing a 1/40th Interest in a Share of 5, Royal Bank of Canada, 6.75% Dep Shares Fixed/Float Non-cum Preferred Shares C-2, SPDR Barclays Capital Intermediate Term Treasury ETF, SPDR Bloomberg Barclays 3-12 Month T-Bill ETF, SPDR Bloomberg Barclays Emerging Markets USD Bond ETF, SPDR Bloomberg Barclays Investment Grade Floating Rate ETF, SPDR Bloomberg Barclays Short Term High Yield Bond ETF, SPDR Bloomberg SASB Corporate Bond ESG Select ETF, SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF, SPDR MarketAxess Investment Grade 400 Corporate Bond ETF, SPDR Russell 1000 Low Volatility Focus ETF, SPDR S&P 500 Fossil Fuel Reserves Free ETF, SPDR S&P Kensho Intelligent Structures ETF, SPDR S&P Kensho New Economies Composite ETF, SPDR SSGA US Large Cap Low Volatility Index ETF, SPDR SSGA US Small Cap Low Volatility Index ETF, SPDR(R) Barclays International High Yield Bond ETF, SPDR(R) Bloomberg Barclays 1-3 Month T-Bill ETF, SPDR(R) Bloomberg Barclays Convertible Securities ETF, SPDR(R) Bloomberg Barclays Emerging Markets Local Bond ETF, SPDR(R) Bloomberg Barclays High Yield Bond ETF, SPDR(R) Bloomberg Barclays International Corporate Bond ETF, SPDR(R) Bloomberg Barclays International Treasury Bond ETF, SPDR(R) Bloomberg Barclays Short Term International Treasury Bond ETF, SPDR(R) FTSE International Government Inflation-Protected Bond ETF, SPDR(R) Nuveen Barclays Build America Bond ETF, SPDR(R) Nuveen Barclays California Municipal Bond ETF, SPDR(R) Nuveen Barclays New York Municipal Bond ETF, SPDR(R) Nuveen Bloomberg Barclays High Yield Municipal Bond ETF, SPDR(R) Nuveen Bloomberg Barclays Municipal Bond ETF, SPDR(R) Nuveen Bloomberg Barclays Short Term Municipal Bond ETF, SPDR(R) Nuveen S&P(R) VRDO Municipal Bond ETF, SPDR(R) Portfolio Intermediate Term Corporate Bond ETF, SPDR(R) Portfolio Intermediate Term Treasury ETF, SPDR(R) Portfolio Long Term Corporate Bond ETF, SPDR(R) Portfolio Mortgage Backed Bond ETF, SPDR(R) Portfolio S&P 500 High Dividend ETF, SPDR(R) Portfolio Short Term Corporate Bond ETF, SPDR(R) Portfolio Short Term Treasury ETF, SPDR(R) S&P(R) Oil & Gas Equipment & Services ETF, SPDR(R) S&P(R) Oil & Gas Exploration & Production ETF, SVB Financial Group Depositary Shs each representing a 1/40th interest in a share of 5.25% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A, Silvergate Capital Corporation Depositary Shares, Each Representing a 1/40th Interest in a Share of, Synovus Financial Corp. 5.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E, Synovus Financial Corp. Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D Li, Tectonic Financial, Inc. 9.00% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock, Texas Capital Bancshares, Inc. Depositary Shares 5.75% Fixed Rate Non-Cumulative Perpetual Preferred Stock Series B, TriState Capital Holdings, Inc. Dep Shs Rep 1/40th Int 6.75% Srs A Non-Cum Pfd Stock, TriState Capital Holdings, Inc. Depositary Share, representing a 1/40th Interest in a Share of 6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock, Triumph Bancorp, Inc. Depositary Shares, Each Representing a 1/40th Interest in a Share of 7.125% Series C Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Truist Financial Corporation Depositary Shares, Each Representing a 1/1,000th Interest in a Share o, Truist Financial Corporation Depositary Shares, each representing 1/1,000th interest in a share of S, Truist Financial Corporation Depositary Shares, each representing 1/4,000th interest in a share of S, U.S. Bancorp Depositary Shares each representing a 1/1,000th interest in a share of Series K Non-Cum, U.S. Bancorp Depositary Shares, Each Representing a 1/1, 000th Interest in a Share of Series L Non-, U.S. Bancorp Depositary Shares, Each Representing a 1/1, 000th Interest in a Share of Series M Non-, U.S. Bancorp, 6.50% Fixed/Float Dep Shares Non-Cumul Perp Preferred Stock, F, U.S. Bancorp, Fixed/Floating Dep Shares Non-Cumul Perp Preferred Stock, A, U.S. Bancorp, Float Rate Dep Shares Non-cumul Perp Preferred Stock, Series B, UBS AG ETRACS ETRACS 2xMonthly Leveraged S&P MLP Index ETN Series B due February 12, 2046, United Community Banks, Inc. Depositary Shares each representing 1/1,000th interest in a share of Series I Non-CumulativePreferred Stock, Valley National Bancorp 5.50% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series B, Valley National Bancorp 6.25% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A, WESTPAC BANKING CORP SR UNSECURED 02/20 7.25, Washington Federal, Inc. Depositary Shares, Wells Fargo & Co., 5.125% Dep Shares Non-Cumul Perp Preferred Stock Series O, Wells Fargo & Co., 5.50% Dep Shares Non-Cumul Class A Preferred Stock Series X, Wells Fargo & Co., 5.85% Dep Shares Fixed/Float Non-Cumul Perp Pfd Stock Ser Q, Wells Fargo & Co., 6.625% Dep Shares Fixed/Float Non-Cumul Perp Pfd Stock Ser R, Wells Fargo & Co., 7.50% Non-Cumul Perp Conv Cl A Preferred Stock, Series L, Wells Fargo & Company Depositary Shares, each representing a 1/1, 000th interest in a share of Non-C, Wells Fargo & Company Depositary Shares, each representing a 1/1,000th interest in a share of Non-Cu, WesBanco, Inc. Depositary Shares, Each Representing a 1/40th Interest in a Share of 6.75% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A, Western Alliance Bancorporation 6.25% Bond Due 2056-07-01, Wintrust Financial Corporation Depositary Shares, Each Representing a 1/1,000th Interest in a Share of 6.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E, Zions Bancorporation 6.95% Fixed-to-Floating Rate Subordinated Notes, Zions Bancorporation, N.A.
