Now trading at under $10.10 this is an opportunity to pick up preferred shares yielding 10%. Only open question is will they redeem the shares on Dec 31, which is the first allowable redemption date?
The very high probability is that the preferreds will not be redeemed...has anyone seen a notice for a secondary common share offering recently? Another preferred offering at a lower rate? Any bond offering at a lower rate? There's $27 million worth of these preferreds to be redeemed.
In the event that the preferreds are somehow called next week, your risk at this moment is 7 cents/share plus your trade commission. This is a very small risk for picking up these preferred shares that will yield 10%/year for however long the bank chooses not to redeem them.