HomeTown Bankshares converts 6% perpetual preferreds into common stock

By Marisa Wong

Morgantown, W.Va., July 1 – HomeTown Bankshares Corp. elected to convert all of its issued and outstanding 6% series C non-cumulative perpetual convertible preferred stock into shares of its common stock, according to an 8-K filing with the Securities and Exchange Commission.

The company issued 2,263,037 shares of common stock and retired 13,600 outstanding shares of convertible preferred stock.

The convertible preferreds had been convertible into common shares based on a conversion price of $6.25 per share. Due to the company’s 4% dividend declared May 10, the conversion price was adjusted to $6.01 per share.

The bank holding company is based in Roanoke, Va.

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