By Susanna Moon
Chicago, May 22 - First Citizens Banc Corp. registered $23.18 million of series A fixed-rate cumulative perpetual preferred stock for resale in an S-1 filing with the Securities and Exchange Commission.
The preferreds were sold to the U.S. Department of the Treasury under the Troubled Asset Relief Program.
The dividend rate is initially 5% and will step up to 9% on Feb. 15, 2014. Dividends are payable quarterly.
The preferreds may be redeemed at par plus accrued dividends at any time subject to the approval of the Federal Reserve.
The liquidation preference is $1,000 per preferred.
The filing also covers warrants for 469,312 shares exercisable at $7.41 per share. The company's stock closed at $6.45 (Nasdaq: FCZA) on Tuesday.
The bank holding company is based in Sandusky, Ohio.
| Issuer: | First Citizens Banc Corp.
|
| Issue: | Series A fixed-rate cumulative perpetual preferred stock
|
| Amount: | $23,184,000
|
| Dividend rate: | 5%, stepping up to 9% on Feb. 15, 2014
|
| Liquidation preference: | $1,000
|
| Call option: | At any time subject to Fed approval
|
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