First National Community pays back interest on pooled trust preferreds

By Susanna Moon

Chicago, Dec. 15 – First National Community Bancorp, Inc. made the previously deferred interest payments on $10.3 million of junior subordinated debentures related to its pooled trust preferred securities, according to an 8-K filing with the Securities and Exchange Commission.

The pooled trust preferreds were issued through the company’s trust affiliate, First National Community Statutory Trust I.

The regularly scheduled interest payments and related trust preferred distributions had been deferred since December 2010, the company noted.

The aggregate, net amount that was deposited with the trustee of the related trust preferreds was $920,997.74, including all deferred interest and the amount of interest due and payable on Dec. 15.

The trustee has been directed to distribute the funds to the holders of the trust preferreds.

The company said it intends to resume regularly scheduled quarterly interest payments but noted that those future payments remain subject to regulatory approval.

First National is the Dunmore, Pa.-based bank holding company of First National Community Bank.

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