Bay Commercial Bank has also agreed to assume the non-cumulative perpetual preferred shares of Valley Community Bank that are outstanding.
The preferred holders are probably happier, too.
Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A
$417.60
5,500
$2,296,800.00
Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B
$257.51
275
$70,815.25
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International