Compass to Redeem Series F Preferred Stock.BIRMINGHAM, Ala.--(BUSINESS WIRE)--Jan. 15, 1999--Compass Bancshares, Inc. (Nasdaq/NMS:CBSS CBSS Council of Baltic Sea States CBSS Craft and Boat Support System CBSS Coastal Border Surveillance System (MSSC) CBSS Closed-Breach Scavenging System (compressed air system for removing smoke from tank gun tubes) ) announced today that it will redeem its series F 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. on Feb. 15, 1999. Compass issued one share of its series F preferred stock in exchange for each outstanding share of Arizona Bank series F preferred stock when it acquired Arizona Bank on Dec. 15, 1998. Compass will redeem the series F preferred stock in cash at the redemption price Redemption price See: Call price redemption price 1. The price at which an open-end investment company will buy back its shares from the owners. In most cases, the redemption price is the net asset value per share. 2. of $25.75 per share plus declared and unpaid dividends through Feb. 15, 1999. There are 690,000 shares of Compass Bancshares series F preferred stock issued and outstanding. Compass Bancshares, Inc. is a Sunbelt-based financial services company which operates 279 full-service banking offices in Texas, Florida, Arizona and Alabama. Shares of Compass' common stock are traded through the 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 national market system under the symbol CBSS. |
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