First Preferred Capital Trust IV (FBS-A)

[Enterprising Investor]

FBS needs to raise equity capital.

Total equity was $393.7 million at 9/30/10. The preferred stock balance is $314.3 million.

Legacy PCBC common shareholders received rights to buy shares at $.20, but they got hammered well in advance of any reverse split.

In my mind, many compounded their problem by not subscribing.

The tenders for PCBC subordinated debt ($650.00 per $1,000) were mostly successful. Holders of $50 million in aggregate principal amount of the Subordinated Debenture due 2014, representing 100% of such securities, and $18 million in aggregate principal amount of the 9.22% Subordinated Bank Notes due 2011, representing 50%, tendered.

PCBC did not receive any valid tenders from holders of any other trust preferred securities ($400.00 per $1,000 liquidation) or subordinated debt securities. Those holders played "chicken" and were lucky to survive - thanks to an investor group more interested in putting $500 million to work rather than wasting time on a tender offer.