Mid Penn Bancorp calls 7% series B preferreds for Dec. 9 redemption

By Angela McDaniels

Tacoma, Wash., Nov. 10 – Mid Penn Bancorp, Inc. will redeem all of its 7% series B noncumulative perpetual preferred stock on Dec. 9, according to an 8-K filing with the Securities and Exchange Commission.

The redemption price is $1,024.67 per preferred, which is equal to $1,020 plus declared but unpaid dividends to the redemption date.

Mid Penn will use the proceeds from a $7.5 million placement of fixed-to-floating subordinated notes due 2025 to fund the redemption. The remaining proceeds will be available for general corporate purposes, including the redemption, if approved by the appropriate federal banking regulators, of all of the company’s series C senior noncumulative perpetual preferred stock, which is held by the Department of the Treasury and issued under its Small Business Lending Fund program.

Mid Penn is a Millersburg, Pa.-based bank holding company.

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