Bank holding company sells 5,107 preferreds at $1,000.00 per preferred
By Devika Patel
Knoxville, Tenn., July 7 - Florida Bank Group, Inc. settled a $5.11 million private placement of non-cumulative perpetual series C preferred stock on June 30, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold 5,107 preferreds at $1,000.00 per preferred. The preferreds may be converted into common shares after Dec. 31, 2011 at a conversion price equal to 50% of the tangible common stock book value per share as of the end of the calendar quarter prior to conversion, subject to a 10% annualized reduction from the date of issuance to the date of conversion.
Investors also received warrants for 1,250 shares for each preferred purchased. The warrant is exercisable at $0.01 until March 31, 2012.
The private bank holding company is based in Tampa, Fla.
| Issuer: | Florida Bank Group, Inc.
|
| Issue: | Non-cumulative perpetual series C preferred stock
|
| Amount: | $5,107,000
|
| Preferreds: | 5,107
|
| Price: | $1,000
|
| Conversion price: | 50% of the tangible common stock book value per share as of end of calendar quarter prior to conversion, subject to 10% annualized reduction from date of issuance to date of conversion
|
| Warrants: | For 1,250 shares (per preferred)
|
| Warrant expiration: | March 31, 2012
|
| Warrant strike price: | $0.01
|
| Pricing date: | June 30
|
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