VantageSouth Bancshares to sell at least $50 million fixed-to-floating noncumulatives

By Stephanie N. Rotondo

Phoenix, Aug. 20 - VantageSouth Bancshares Inc. registered $50 million of fixed-to-floating rate noncumulative perpetual preferreds on Tuesday, according to an S-1 filed with the Securities and Exchange Commission.

Keefe, Bruyette & Woods Inc. and Sandler O'Neill + Partners LP are running the deal.

Dividends will be payable on a quarterly basis.

The preferreds become redeemable upon the occurrence of a regulatory capital treatment event or after a certain as-of-yet-unspecified date.

The company has applied to list the new preferreds on the New York Stock Exchange.

Proceeds will be used to redeem $42.8 million of TARP preferreds and to repurchase warrants issued to the Treasury.

The warrants are good for 1.34 million common shares, representing a book value of about $1.5 million.

VantageSouth is a Raleigh, N.C.-based bank holding company.

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