Eastern Virginia Bankshares redeems $5 million series A preferreds

By Angela McDaniels

Tacoma, Wash., Jan. 20 – Eastern Virginia Bankshares, Inc. redeemed an additional 5,000 shares, or 35.7%, of its 14,000 shares of outstanding series A fixed-rate cumulative perpetual preferred stock, according to an 8-K filing with the Securities and Exchange Commission.

The redemption price was the stated liquidation preference amount of $1,000 per preferred plus accrued dividends. The total redemption price for the $5 million of preferreds was about $5.1 million.

The preferreds were originally issued to the Department of the Treasury under the Troubled Asset Relief Program Capital Purchase Program. In October 2013, the Treasury sold all 24,000 preferreds to private investors.

The company redeemed 10,000 of the preferreds in October, and 9,000 preferreds remain outstanding following the latest redemption.

The bank holding company is based in Tappahannock, Va.

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