WGNB's $30 million of convertible preferred rights offering to yield 9%

By Rebecca Melvin

New York, Aug. 1 - WGNB Corp. is making a rights offering for up to $30 million of mandatory convertible preferred stock to yield 9%, according to a filing with the Securities and Exchange Commission.

Holders of WGNB common stock are being offered the rights to 3.75 million of the series A convertible preferred stock at $8 per share.

The preferred stock will be non-callable until Sept. 15, 2013, and there also is a put in year three.

Net proceeds will be used for capital enhancement and general corporate purposes.

WGNB intends to list the series A preferreds on the Nasdaq Capital Market under the symbol "WGNA." Its common stock is listed on the same market under the symbol "WGNB."

Based in Carrollton, Ga., WGNB is a bank holding company with $910 million of assets.

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