Canadian Banc Corp. announced an overnight offering of preferred shares (TSX: BK.PR.A) priced at $10.33 per share, according to a company statement. National Bank Financial Inc. will lead the offering.

The sales period ends at 8:30 a.m. EST on May 28, 2026, with the offering expected to close around June 4, 2026, subject to Toronto Stock Exchange approval and other closing conditions. The preferred shares closed at $10.38 on the TSX on May 26, 2026.

The company will use proceeds to invest in a portfolio of six publicly traded Canadian banks: Bank of Montreal, Canadian Imperial Bank of Commerce, Royal Bank of Canada, The Bank of Nova Scotia, National Bank of Canada, and The Toronto-Dominion Bank.

Canadian Banc Corp. has declared 250 consecutive dividends on the preferred shares since inception, totaling $11.78 per share in aggregate distributions. The preferred shares carry a DBRS rating of Pfd-3 (low) as of October 9, 2025.

The preferred shares provide holders with monthly floating rate dividends equal to the Canadian prime rate plus 1.50%, with a minimum annual rate of 5.0% and maximum of 8.0% based on the original $10 issue price. The company plans to pay holders the original $10 issue price on the termination date, currently set for December 1, 2028, subject to potential five-year extensions.