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Farmers Capital buys back $15 million trust preferreds via bid to CDO
New York, Jan. 21 – Farmers Capital Bank Corp. said it bought back the $15 million of trust preferred securities issued by Farmers Capital Bank Trust II.
The debt owed to the trust will be extinguished, generating a pre-tax gain of $4.1 million during the first quarter, according to a news release.
Farmers Capital said it became aware that the trust preferreds would be auctioned off as part of the liquidation of a pooled collateralized debt obligation.
The bank placed a bid of $10.9 million for the securities, which was accepted by the trustee.
Closing is expected next week.
Farmers Capital is a Frankfort, Ky. bank holding company.
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