First Community to redeem in full convertible preferreds on March 10

By Marisa Wong

Madison, Wis., Feb. 17 – First Community Bancshares, Inc. notified holders of its 6% series A noncumulative convertible preferred stock that it intends to redeem all of the outstanding shares on March 10, according to an 8-K filing with the Securities and Exchange Commission.

The redemption price will equal 100% of the liquidation preference for each preferred, or $1,000 per share, together with accrued dividends of $3.833333 per share.

As of Tuesday, there were 14,001 shares currently outstanding, with the right to receive an aggregate liquidation preference of $14,001,000 and an aggregate dividend equal to $53,670.

The total amount that the company expects to pay in connection with the redemption is roughly $14.05 million.

The bank holding company and parent company of First Community Bank is based in Bluefield, Va.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.