Farmers Capital Bank redeems one-half of series A preferred stock

By Susanna Moon

Chicago, Dec. 1 – Farmers Capital Bank Corp. repurchased 10,000 shares, or one-half, of its outstanding series A preferred stock on Monday, according to an 8-K filing with the Securities and Exchange Commission.

The redemption was announced on Oct. 30.

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

The total redemption amount was $10 million plus accrued dividends of $40,000.

The redemption was funded with internally generated cash flows.

Farmers Capital originally issued 30,000 shares of its series A preferred stock in 2009. The company repurchased 10,000 of those shares on May 15, as previously noted.

The company plans to redeem the remaining 10,000 series A preferreds “as soon as possible, pending future financial performance and regulatory approval,” Lloyd C. Hillard Jr., president and chief executive officer, said in a company press release.

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

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