Old National Bancorp

Old National Bancorp 7.00% Non-Cumulative Perpetual Preferred Stock, Series A is a fixed-rate preferred equity security issued by Old National Bancorp, one of the largest commercial banks headquartered in the Midwest. This asset represents a non-cumulative perpetual preferred class, meaning dividend payments are at the discretion of the issuer and do not accumulate if missed. Each share entitles holders to a 7.00% fixed annual dividend rate, paid quarterly, but without voting rights or claim to additional dividends beyond the stated terms. The shares are structured as depositary shares, with each representing a 1/40th interest in an underlying preferred share. Typical investors for this security include institutions and individuals seeking reliable income and relative capital stability, as preferred stocks sit above common equity but below corporate debt in the capital structure hierarchy. The asset plays a stabilizing role in portfolios by providing attractive yields—its trailing dividend yield is around 7%—with a liquidation preference of $25 per depositary share, which helps manage credit and reinvestment risk in the banking sector. Old National Bancorp’s robust regional banking operations and commitment to consistent dividend policy enhance its market relevance for fixed-income-oriented investors.