Eastern Virginia Bankshares redeems remaining series A preferreds

By Susanna Moon

Chicago, June 18 – Eastern Virginia Bankshares, Inc. said it redeemed the remaining 9,000 shares of its outstanding series A fixed-rate cumulative perpetual preferred stock.

There are no more of the preferreds left outstanding, according to a company press release.

The redemption price was the stated liquidation preference amount of $1,000 per preferred plus accrued dividends. The total redemption price for the $9 million of preferreds was about $9.1 million.

The preferreds were originally issued to the Department of the Treasury under the Troubled Asset Relief Program Capital Purchase Program. In October 2013, the Treasury sold all 24,000 preferreds to private investors.

The company previously redeemed 15,000 shares of the series A preferreds in two separate transactions, with 10,000 shares in October 2014 and 5,000 shares in January.

The bank holding company is based in Tappahannock, Va.

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