By Angela McDaniels
Tacoma, Wash., May 23 - Heritage Oaks Bancorp refiled a registration statement for $21 million of series A fixed-rate cumulative perpetual preferred stock in order to delay the effective date.
The S-1 refiled with the Securities and Exchange Commission did not say when the effective date is expected to be.
The company sold the preferreds to the Department of the Treasury in March 2009.
The preferreds pay cumulative dividends at 5% per year up to but excluding Feb. 15, 2014, at which time the dividend rate steps up to 9%.
The preferreds are callable at par at any time subject to the approval of the Federal Reserve Board.
Also covered under the registration is a warrant to purchase 611,650 shares of common stock for $5.15 each. The warrant expires on March 20, 2019.
The company's stock closed at $5.25 (Nasdaq: HEOP) on Wednesday.
Heritage Oaks Bancorp is the holding company for Heritage Oaks Bank. It is based in Paso Robles, Calif.
| Issuer: | Heritage Oaks Bancorp
|
| Issue: | Series A fixed-rate cumulative perpetual preferred stock
|
| Amount: | $21 million
|
| Maturity: | Perpetual
|
| Dividends: | 5% until Feb. 15, 2014, then 9%; payable quarterly
|
| Liquidation amount: | $1,000
|
| Call option: | At par subject to federal approval
|
| Warrant: | For 611,650 shares of common stock
|
| Warrant exercise price: | $5.15
|
| Warrant expiration: | March 20, 2019
|
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