Servis First calls 8.5% trust preferred securities

By Ashley Montgomery

Kansas City, Kan., Oct. 11 - ServisFirst Bancshares, Inc. announced the redemption of all of ServisFirst Capital Trust I's 8.5% trust preferred securities, according to an 8-K filing with the Securities and Exchange Commission.

The redemption date will be Nov. 8.

The trust preferred securities will be redeemed at $1,000 per security, for a total of $15 million plus accrued distributions up to the redemption date.

As part of the transaction, ServisFirst will also redeem the trust's 8.5% junior subordinated deferrable interest debentures due 2038 and 8.5% common securities.

The total amount of debentures to be redeemed is $15 million plus accrued interest up to the redemption date.

The company said the preferred and common securities would we redeemed as a result of the debentures redemption. Under the agreement on the debentures, the company must use the proceeds from the debenture redemption to redeem the trust preferred and common securities on the same day.

Based in Birmingham, Ala. ServisFirst Bancshares is a bank holding company.

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