Southern First Bancshares registers Treasury-held fixed-rate preferreds

By Stephanie N. Rotondo

Portland, Ore., May 7 - Southern First Bancshares Inc. registered 17,299 shares of its fixed-rate series T cumulative perpetual preferred stock in a filing with the Securities and Exchange Commission on Monday.

The preferred shares are currently held by the U.S. Department of Treasury. The shares were issued to the Treasury on Feb. 27, 2009 as part of the Troubled Asset Relief Program Capital Purchase Program.

Dividends are fixed at 5% until May 15, 2014, when the rate increases to 9%. The preferreds are redeemable at any time, in whole or in part.

Liquidation preference is $1,000 per share.

The public offering price and allocation for the shares will be determined via an auction process.

The Greenville, S.C.-based holding company for Southern First Bank NA will not receive any of the proceeds.

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