FNBH Bancorp intends to conduct private placement of preferred stock

Mandatorily convertible perpetual preferreds convert at $0.70 a share

By Devika Patel

Knoxville, Tenn., June 14 - FNBH Bancorp, Inc. plans a private placement of a new series of mandatorily convertible perpetual preferred stock, according to an 8-K filed Friday with the Securities and Exchange Commission.

The preferreds will be convertible into common stock at $0.70 per share, which is a 72% discount to the June 13 closing share price of $2.50 (OTCBB: FNHM).

FNBH is a Howell, Mich., bank holding company.

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