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Monday, July 28, 2014 9:48:26 PM
We plan to redeem $7.5 million of subordinated debentures in the third quarter of 2014. These debentures accrue interest at 12.05%. Redemption costs of $356 thousand were accrued in the second quarter of 2014. As a result of the redemption, we expect the full year reduction of interest expense to be approximately $900 thousand in 2015. After the redemption, we will continue to remain in excess of well capitalized levels. Furthermore, the significant reduction in interest expense will have a positive impact on future earnings and capital.
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International
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