$GRBS..Greer Bancshares March 21, 8k... On February 14, 2014, after receiving regulatory approval, Greer Bancshares Incorporated (the "Company") gave notice to the trustees of its trust preferred securities that it was ending its deferral of interest on its two junior subordinated debentures related to its two series of trust preferred securities and paid all $970,422 of deferred interest amounts due. The Company had been deferring payments of interest since January 2011 as per the terms of the two series of trust preferred securities and was generally prohibited from paying any dividends on its capital stock until the deferred interest had been paid.
On March 4, 2014, after receiving regulatory approval, the Company resumed the payment of regular quarterly cash dividends on its preferred stock issued to the U.S. Treasury Department as part of the Troubled Assets Relief Program (“TARP Preferred”) and paid all $1,928,247 of deferred dividend amounts due. The Company had suspended the payment of cash dividends on the TARP Preferred, which accumulate and compound when not paid, in January 2011. The terms of the TARP Preferred prohibited the Company from paying any dividends on its common stock while payments on the TARP Preferred were in arrears.
On March 19, 2014, after receiving regulatory approval, the Company repurchased $3,150,000 of principal amounts of the TARP Preferred, which leaves remaining $7,343,000 of principal amount of TARP Preferred outstanding as of March 19, 2014.
On March 21, 2014, the Company issued a news release announcing the repurchase of $3,150,000 of its TARP Preferred stock. A copy of the news release is furnished herewith as Exhibit 99.1.
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