Premier Financial to redeem $7 million series A preferreds on Sept. 26

By Susanna Moon

Chicago, Aug. 27 – Premier Financial Bancorp Inc. said it plans to redeem $7 million of its series A preferred stock by the end of September.

The bank plans to redeem 7,000 shares of its series A preferreds with a liquidation preference of $1,000 per share on Sept. 26, according to a company press release.

The series A preferreds were issued in October 2009 as part of the Troubled Asset Relief Program – Capital Purchase Program of the U.S. Treasury.

In August 2012, Premier repurchased 10,252 of the 22,252 issued shares.

Premier said it applied for and received regulatory approval to redeem another 7,000 shares, and the board has set a redemption date of Sept. 26, giving shareholders the required 30-day advance notice for the redemption.

On that date, series A shareholders will be entitled to a pro rata portion of the $7 million total redemption value plus accrued dividends from Aug. 15 through Sept. 25 at 5% per year.

After settlement, 5,000 of the series A preferreds will remain outstanding.

Premier Financial is a Huntington, W. Va.-based bank holding company.

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