Farmers Capital Bank to redeem one-half of series A preferred stock

By Tali Rackner

Norfolk, Va., Oct. 30 – Farmers Capital Bank Corp. obtained approval to repurchase 10,000 shares, or one-half, of its outstanding series A preferred stock, according to a news release.

The preferreds will be redeemed on a pro-rata basis at the stated liquidation value of $1,000 per share plus any accrued dividends.

The redemption is expected to be completed during the fourth quarter of 2014.

The total redemption amount will be $10 million plus accrued dividends at 9% per share.

Farmers Capital originally issued 30,000 shares of its series A preferred stock in 2009. It made its first repurchase of 10,000 of those shares on May 15.

“Our goal is to redeem the remaining 10,000 outstanding shares as soon as possible, pending future financial performance and regulatory approval,” president and chief executive officer Lloyd Hillard Jr. said in the release.

Farmers is a bank holding company based in Frankfort, Ky.

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