By Devika Patel
Knoxville, Tenn., June 10 - Republic First Bancorp, Inc. said it raised $10.8 million in a private placement of convertible trust preferred securities.
The company sold the trust preferreds to a group of four investors, which was led by Vernon W. Hill II, and to Harry D. Madonna, founder, chairman and chief executive officer of the company.
The trust preferreds have a coupon of 8% and are convertible into common stock at a conversion price of $6.50.
Proceeds will be used for general corporate purposes and to support future growth.
Republic First Bancorp is a Philadelphia-based bank holding company.
| Issuer: | Republic First Bancorp, Inc.
|
| Issue: | Convertible trust preferred securities
|
| Amount: | $10.8 million
|
| Coupon: | 8%
|
| Conversion price: | $6.50
|
| Warrants: | No
|
| Investors: | Vernon W. Hill II (lead), Harry D. Madonna
|
| Settlement date: | June 10
|
| Stock symbol: | Nasdaq: FRBK
|
| Stock price: | $4.37 at close June 9
|
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