Blackhawk Bancorp redeems all series B, series C cumulative preferreds

By Tali Rackner

Norfolk, Va., April 28 - Blackhawk Bancorp, Inc. redeemed all 10,000 shares of its series B fixed-rate cumulative perpetual preferred stock and all 500 shares of its series C fixed-rate cumulative perpetual preferred stock, according to a press release.

The securities were redeemed at the stated liquidation value of $1,000 per share, or $10.5 million, plus accrued dividends on April 25.

They were initially issued to the U.S. Treasury under the Troubled Asset Relief Program Capital Purchase Program.

The preferreds' dividend was scheduled to increase to 9% next month.

Blackhawk Bancorp, based in Beloit, Wis., is the parent company of Blackhawk Bank.

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