First Priority redeems $6 million 9% preferreds via new issue

By Susanna Moon

Chicago, Jan. 25 – First Priority Financial Corp. redeemed $6 million of its outstanding 9% preferred stock, according to an 8-K filing with the Securities and Exchange Commission.

First Priority funded the redemption using proceeds of an issue of $9.5 million 7% subordinated notes due November 2025, which were issued by First Priority Bank.

Proceeds of the new issue will be used for general corporate purposes.

First Priority Financial, the parent company of First Priority Bank, is based in Malvern, Pa.

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