By Angela McDaniels
Tacoma, Wash., Jan. 20 - North Jersey Community Bancorp, Inc. raised more than $9 million through a non-brokered private placement of 450,200 shares of series B convertible preferred stock, according to a company news release.
The preferreds are convertible into the company's common stock, which is not publicly listed.
Non-cumulative dividends will be paid at the rate of 4% for the first year and at the Prime rate after that time, subject to a maximum dividend rate of 7%.
Englewood Cliffs, N.J.-based North Jersey Community Bancorp is the holding company for North Jersey Community Bank.
| Issuer: | North Jersey Community Bancorp, Inc.
|
| Issue: | Series B convertible preferred stock
|
| Amount: | $9 million (approximate)
|
| Preferred shares: | 450,200
|
| Dividends: | 4% for the first year and then at the Prime rate, subject to a cap of 7%
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Announcement date: | Jan. 20
|
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