First Reliance Bancshares declares preferred stock and trust preferred securities dividends.
M2 EQUITYBITES-June 17, 2015-First Reliance Bancshares declares preferred stock and trust preferred securities dividends
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First Reliance Bancshares Inc (OTC:FSRL) revealed on Tuesday the return to cash dividend payments on its preferred stock originally issued to the US Treasury as part of the Troubled Asset Relief Program (TARP) and now held by private investors, besides, interest on its outstanding trust preferred securities.
Further, the company stated that it had stopped these payments since November 2011.
Payments on the deferred dividends on the TARP preferred stock totalled USD4.2m and were made in May 2015. The deferred interest payments on outstanding trust preferred securities totalled USD876,657 and the company said that interest payable on the trust preferred securities had continued to accrue and as a result the payment of the deferred amount had no effect on current earnings and capital.
The company's wholly owned subsidiary bank's leverage ratio, Tier 1 risk-based capital ratio and total risk-based capital ratio were 11.64%, 14.22% and 15.14%, respectively, exceeding all regulatory requirements.
First Reliance was founded in 1999 and is based in Florence, South Carolina. It is the parent company of First Reliance Bank that provides various consumer and business banking services to individuals, small and medium-sized businesses.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Jun 17, 2015|
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