TowneBank announces mandatory conversion of 8% capital notes due 2019

By Tali David

Minneapolis, March 5 - TowneBank announced the mandatory conversion of all $13,604,000 of its 8% subordinated capital notes due 2019, the company announced in a news release.

At the close of business on March 19, all outstanding notes will be converted into shares of TowneBank common stock at the current conversion price of $13.38 per share.

The conversion price is equal to a conversion rate of 149.48 shares per $2,000 principal amount of notes.

The company's stock closed at $12.92 (Nasdaq: TOWN) on March 5.

U.S. Bank NA is the trustee.

Portsmouth, Va.-based TowneBank provides retail and commercial banking products and services through its subsidiaries.

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