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Non-Tech : Income Investing
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To: rk160 who wrote (41090)10/28/2019 5:33:59 PM
From: Gridbird3 Recommendations

Recommended By
aarod
Graustus
inspbudget

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Re: OSBCP

Rk, that is a good question. Sometimes management tips their hand when asked. And sometimes they dont. The Landys who own UMH and MNR have no problem. They gave me a years warning that MNR-B was being redeemed so I sold way over par. They also recently said they will redeem UMH-B already next year also.
But you got lying scumbags who mislead. I remember I bought a 7% bank preferred at $25.12 (market screamed call leaving a few pennies meat on the bone) so I bought. CEO was asked in CC about whether they were redeeming it. He acted like he didnt even know the issue existed. It magically served a redemption notice a week later.
OSBCP CEO a few years ago (he has retired) was asked same question and he said they were “looking into it”. They didnt look too hard. This trust preferred is tax deductible tier 1 capital which is disallowed anymore, but this one is grandfathered (ironically banks like OSBCP created this banning of new trust preferreds, because Fed basically had to bail out OSBCP owners with TARP and Fed buying stock in their company). Being in Illinois this is a 30% tax savings on issue. So really this 7.8% issue is a 5.5% QDI. Whether they want or need this capital though is out of our ability to determine.
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