Summit Financial to convert all series 2009, 2011 preferreds March 12

By Toni Weeks

San Luis Obispo, Calif., March 2 – Summit Financial Group announced it will be exercising its right to convert all of its outstanding preferred shares into common stock.

Affected are the company’s outstanding 3,610 8% non-cumulative convertible preferred shares, series 2009, and 11,914 8% non-cumulative convertible preferred shares, series 2011.

Each share of series 2009 preferred stock is convertible into 181.81182 shares of common stock for a total of about 656,345 common shares to be issued upon conversion.

Each share of series 2011 preferred stock is convertible into 125 common shares, for a total of 1,489,250 common shares to be issued upon conversion.

The conversion will occur on March 12. Holders will receive cash for any fractional shares they are entitled to receive.

Computershare, Inc. is the conversion agent.

Moorefield, W.Va.-based Summit is a financial holding company that provides community banking services through subsidiary Summit Community Bank, Inc.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.