Capital Crossing Bank Prices Subsidiary Preferred Stock.Business Editors BOSTON--(BUSINESS WIRE)--May 6, 2004 Capital Crossing Bank (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CAPX CAPX Capital Expenditure(s) cAPX cytosolic ascorbate peroxidase CAPX Capital Expense(s) CAPX Customer Accessible Parts eXpress (Grove Cranes) ) (the "Bank") and its subsidiary, Capital Crossing Preferred Corporation (the "Company"), announced today the pricing of the public offering of the Company's Non-cumulative Exchangeable Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. , Series D (the "Preferred Stock"). The Company is offering 1,500,000 shares of Preferred Stock at a purchase price equal to the liquidation preference of $25 per share. The dividend rate on the Preferred Stock is 8.5%. The Company has also granted the underwriters in the offering an option to purchase an additional 225,000 shares of Preferred Stock to cover any over-allotments. The Sole Bookrunning Manager for the offering is Lehman Brothers Lehman Brothers Holdings Inc. (NYSE: LEH), founded in 1850, is a diversified, global financial services firm. It is a participant in investment banking, equity and fixed income sales, research and trading, investment management, private equity, and private banking. and RBC Capital Markets RBC Capital Markets is the corporate and investment banking division of Royal Bank of Canada ("RBC"). Broker dealers Depending on the jurisdiction, the division uses different broker dealer subsidiaries of RBC:
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY 10019-6801, and from RBC Capital Markets at 60 South 6th Street, 15th floor, Minneapolis, MN 55402-4422. The Company was established on March 20, 1998 for the purpose of acquiring and holding real estate mortgage assets in a cost-effective manner and to provide the Bank with an additional means of raising regulatory capital for federal and state regulatory purposes. The Company anticipates that substantially all of its loan acquisitions will be from the Bank. The Company intends to continue to operate in a manner that will permit it to be taxed as a real estate investment trust for federal income tax purposes, and as such expects that its Preferred Stock dividend will be deductible for income tax purposes. Further, a percentage of the value represented by the Preferred Stock is expected to be included in the Bank's capital under relevant regulatory capital guidelines. |
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