Patapsco shareholders convert 96.9% of convertible preferred stock before March 31 call

By Angela McDaniels

Seattle, April 20 - Patapsco Bancorp Inc. said holders of 96.9% of its series A non-cumulative perpetual convertible preferred stock - not 91.6%, as previously reported - elected to convert their shares into the company's common stock before March 31, when Patapsco called the preferred 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 $66,900 - not $172,650, as previously reported. As a result, the company's common stock outstanding increased by 328,924 shares to 1,802,441 shares.

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

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