Square 1 to redeem $12.4 million trust preferreds, series A preferreds

By Susanna Moon

Chicago, Jan. 6 - Square 1 Financial, Inc. plans to redeem any of its $7.4 million trust preferred securities and its $5 million of outstanding series A preferred stock that remain outstanding after its initial public offering, according to an S-1 filing with the Securities and Exchange Commission.

The redemption would require approval of the Federal Reserve, but the company expects most of the preferreds to be converted into stock as the conversion price is $10.00 per share.

Funding for the redemption would come from proceeds of the IPO.

Square 1 is an emerging growth company based in Durham, N.C.

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