Capital Purchase Program (CCP) (TARP) Terms of the Purchase: Series of Preferred Stock Purchased: Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A Per Share Liquidation Preference of Preferred Stock: $1,000 Number of Shares of Preferred Stock Purchased: 6,398 Dividend Payment Dates on the Preferred Stock: February 15, May 15, August 15 and November 15 of each year Series of Warrant Preferred Stock: Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B Number of Warrant Shares: 320 Number of Net Warrant Shares (after net settlement): 320 Exercise Price of the Warrant: $ 1.00 per share Purchase Price: $6,398,000
IMPORTANT NOTE: The balance on the CCP has NOT been repaid. Company has also not paid a dividend on the Preferred Stock purchase since May of 2011. This is NON-Cumulative stock purchase so they don’t actually owe anything for past dividends. As far as I have been able to find is that they currently have a net outstanding balance of $5.64M.
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