First Banks declares deferred interest and deferred dividends.
Global Banking News-March 17, 2014--First Banks declares deferred interest and deferred dividends
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Global Banking News - 17 March 2014
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First Banks Inc. (NYSE: FBSPRA), has said that it has paid all accumulated deferred interest, plus accrued interest thereon, on its 8.15 percent Subordinated Debentures due 2033, issued to First Preferred Capital Trust IV, an affiliated trust of First Banks Inc, pursuant to the Indenture, dated April 1, 2003, between First Banks Inc. and The Bank of New York Mellon Trust Co. Inc. (NYSE: BK), as successor Trustee to Fifth Third Bank (NASDAQ: FITB).
The payment of all accumulated deferred interest, plus accrued interest, was made to The Bank of New York Mellon Trust Co Inc for placement of such funds into the trust account of First Preferred Capital Trust IV maintained on the books and records of The Bank of New York Mellon Trust Co. Inc.
On March 31, 2014, First Preferred Capital Trust IV will pay all accumulated deferred dividends, plus accrued dividends, on its 8.15 percent Cumulative Trust Preferred Securities pursuant to the Amended and Restated Trust Agreement, dated April 1, 2003.
The aggregate amount of the accumulated deferred dividends is USD21.483m, or USD11.68 per share, and consists of accumulated deferred dividends of USD17.808m, or USD9.68 per share, plus accrued dividends thereon of USD3.675m, or USD2.00 per share. The accumulated deferred dividends, plus accrued dividends, are payable on March 31, 2014, to shareholders of record as of the business day immediately preceding the distribution date.
Headquartered in St. Louis, Missouri, the company had assets of USD5.92bn at December 31, 2013, and currently operates 130 branch banking offices in California, Florida, Illinois and Missouri.
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