Independent Bank buys back $5 million trust preferreds at a discount

By Susanna Moon

Chicago, Dec. 2 – Independent Bank Corp. purchased 5,000 shares of trust preferred securities with $1,000 liquidation amount issued by IBC Capital Finance IV, a special purpose entity, according to an 8-K filing with the Securities and Exchange Commission.

The company paid $4.5 million for the trust preferred securities that had a par value of $5 million, as well as $33,000 of accrued interest.

The company entered into a securities purchase agreement on Dec. 1 with EJF Capital LLC.

The trust preferred securities will be retired along with related common stock issued by IBC Capital Finance IV and subordinated debentures issued by the company.

McKinney, Texas-based Independent Bank Group is the holding company for Independent Bank.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.