Civista Bancshares to redeem 6.5% convertible preferreds on Dec. 20

By Sarah Lizee

Olympia, Wash., Oct. 23 – Civista Bancshares, Inc. said it will redeem all of its outstanding 6.5% noncumulative redeemable convertible perpetual preferred shares, series B and the corresponding depositary shares, each representing a 1/40th ownership interest in a series B preferred share.

All outstanding depositary shares will be redeemed on Dec. 20 at a redemption price of $25.00 per depositary share.

As of Sept. 30, a total of 395,929 depositary shares were outstanding.

On Dec. 16, a dividend in the amount of $0.40625 per depositary share will be paid in cash to holders of record as of the close of business on Nov. 26.

In lieu of redemption, at any time prior to 5 p.m. ET on Dec. 19, holders of depositary shares may convert any or all of their depositary shares into common shares of Civista.

Holders electing to convert their depositary shares are entitled to receive 3.196931 common shares for each depositary share, together with the cash payable with respect to any fractional shares.

The financial holding company has headquarters in Sandusky, Ohio.

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