First Reliance redeems additional $7 million of TARP preferreds

By Tali Rackner

Norfolk, Va., July 12 – First Reliance Bancshares, Inc. redeemed an additional 7,000 shares of its outstanding series A fixed-rate cumulative perpetual preferred stock issued under the Troubled Asset Relief Program, according to a press release.

The total redemption price of the series A preferreds was $7 million.

On May 31, the company redeemed 4,000 shares and sent notice to holders informing them of its intent to redeem the remaining 11,349 shares of series A preferreds and 767 shares of series B preferreds.

The 7,000 share redemption represents the next phase of the previously announced redemption plan.

The redemption was funded with the proceeds from a new senior credit facility.

First Reliance said it expects to redeem the remaining 4,349 shares of series A preferred stock and all outstanding shares of its series B preferred stock during the third quarter.

First Reliance is a holding company for First Reliance Bank in Florence, S.C.

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