Patapsco shareholders convert 91.9% of convertible preferred stock before March 31 call

By Angela McDaniels

Seattle, April 6 - Patapsco Bancorp Inc. said holders of 91.9% of its series A non-cumulative perpetual convertible preferred stock elected to convert their shares into the company's common stock before March 31, when the company called the perferred stock and paid the final dividend.

The remaining shares of preferred stock were redeemed by the company at $25.00 per share for a total of $172,650. As a result, the company's common stock outstanding increased by 312,034 shares to 1,785,551 shares.

Patapsco Bancorp is the holding company for The Patapsco Bank, which has banking offices in Baltimore County, Md.

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