First Charter Bank announces definitive agreement to sell $5.25 million of new stock.BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Sept. 18, 1996--First Charter Bank (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:FCBK) in Beverly Hills, announced Wednesday that it has entered into a definitive agreement with private investors for the sale of $5.25 million of a new series of noncumulative convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". . The closing of the transaction, which is subject to approval of the Bank's capital plan by the Office of the Controller of the Currency, is expected by the end of the month. The new stock is eligible for conversion at prices which decrease until July 1, 1998. On a fully diluted basis and without the payment of any dividends on the new stock, at the end of this period the new investors could own up to approximately 97% of the Bank's total capital. Implementation of the conversion features of the new stock is subject to shareholder approval which is expected to be solicited after the closing of the stock sale. Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the private placement are expected to assist the Bank in complying with recent requirements specified in a capital directive received by the Bank. CONTACT: Radcliffe & Associates, New York New York, state, United States 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 Donald Radcliffe, Investor Relations Investor relations The process by which the corporation communicates with its investors. , 212/605-0424 or First Charter Bank, Beverly Hills Peter L. Bustetter, 310/278-7200 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion