Triumph Bancorp to redeem fixed-rate cumulative perpetual preferreds

By Susanna Moon

Chicago, Dec. 2 – Triumph Bancorp, Inc. obtained regulatory approval to redeem the fixed-rate cumulative perpetual preferred stock, series T1 and series T2, issued by its wholly owned subsidiary, National Bancshares, Inc., according to an 8-K filing with the Securities and Exchange Commission.

The TARP preferreds will be redeemed for $26.2 million with some proceeds from the Dallas-based company’s initial public offering.

The redemption price is equal to the liquidation amount of the TARP preferreds, which is $25.9 million plus accrued dividends to but excluding the redemption date of Dec. 31.

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