United Bankshares subsidiary to redeem $27 million trust preferreds

By Angela McDaniels

Tacoma, Wash., Nov. 7 – United Bankshares, Inc. subsidiary UBV Holding Co., Inc. will redeem $27 million of trust preferred securities in December, according to an 8-K filing with the Securities and Exchange Commission.

The subsidiary will redeem Sequoia Capital Trust I’s $2 million of outstanding 10.18% trust preferreds at 103.563 on Dec. 8 and VCBI Capital Trust IV’s $25 million of outstanding 10.2% trust preferreds at par on Dec. 30.

The redemptions will be funded with excess cash.

The company said the Federal Reserve Board did not object to the redemption.

United Bankshares is a bank holding company based in Charleston, W.Va.

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