First Regional Bancorp calls all $14.95 million 6% convertibles

By Caroline Salls

Pittsburgh, Nov. 16 - First Regional Bancorp Inc. will redeem all its $14.95 million outstanding 6% convertible subordinated debentures due 2023 on Dec. 16 at par plus accrued interest, according to a company news release.

Holders can convert their debentures into shares of common stock by the close of business on Dec. 16 at a conversion price of $27.50.

First Regional Bancorp stock closed Tuesday at $44.34.

First Regional Bancorp has the right to call the debentures if, for any 30 consecutive day trading period, the average closing price is at least 140% of the conversion price, the release said. The conversion price is currently $27.50, and 140% of the conversion price is $38.50.

As of Monday, the average closing price of the stock for the 30 consecutive trading days ending Monday was more than $38.50.

First Regional Bancorp is a Century City, Calif.-based bank holding company.

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