Citizens Community Bank redeems Series C stock issued through SBLF.
BANKING AND CREDIT NEWS-July 2, 2015-Citizens Community Bank redeems Series C stock issued through SBLF
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Citizens Community Bank (OTCQB: CZYB) (CCB) said it has redeemed 75 percent of the original investment of Series C preferred stock issued in July 2011 to the Secretary of the Treasury through the bank's participation in the Small Business Lending Fund (SBLF).
CCB said it has redeemed USD3.0 million, or 3,000 shares at their liquidation value of USD1,000 per share plus accrued dividends and fees, for a total redemption price of USD3,007,833.33. With this redemption, USD1.0 million of the original Series C Preferred Stock remains outstanding.
After the partial redemption, Citizens Community Bank will continue to have capital in excess of minimum regulatory requirements and at levels that qualify as "well capitalized" under applicable regulatory guidelines.
Citizens Community Bank is a Virginia state chartered bank headquartered in South Hill, Virginia. Opened in December 1999, it operates five branches, three in south central Virginia, two in northern North Carolina as well as a loan production office in North Raleigh, North Carolina.
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|Publication:||M2 Banking & Credit News (BCN)|
|Date:||Jul 2, 2015|
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