Lnb Bancorp, Inc. Announces The Completion Of Its Redemption Of All Outstanding Series B Preferred Stock
The following excerpt is from the company's SEC filing
LORAIN, Ohio--(BUSINESS WIRE)--January 17, 2014--LNB Bancorp, Inc.
(NASDAQ: LNBB) announced today that it has completed the repurchase and
redemption of all 9,147 of its outstanding shares of Fixed Rate
Cumulative Perpetual Preferred Stock, Series B (the “Series B Preferred
Stock”) for an aggregate price of $9,147,000, the face liquidation
amount of the shares, plus approximately $74,000 of accrued but unpaid
dividends. The Series B Preferred Stock was originally issued by LNB in
December 2008 as part of the U.S. Department of the Treasury’s Capital
Purchase Program (TARP).
Daniel E. Klimas, president and chief executive officer, commented, “We
are excited to have completed the retirement of all of the Series B
Preferred Stock. As a result of this transaction we have positioned LNB
to capitalize on future growth opportunities.”
About LNB Bancorp, Inc.LNB Bancorp, Inc. is a $1.2 billion
bank holding company. Its major subsidiary, The Lorain National Bank, is
a full-service commercial bank, specializing in commercial, personal
banking services, residential mortgage lending and investment and trust
services. The Lorain National Bank and Morgan Bank serve customers
through 20 retail-banking locations and 28 ATMs in Lorain, eastern Erie,
western Cuyahoga and Summit counties. Our Indirect Auto Financing
division serves over 650 dealers in seven states. North Coast Community
Development Corporation is a wholly owned subsidiary of The Lorain
National Bank. For more information about LNB Bancorp, Inc., and its
related products and services or to view its filings with the Securities
and Exchange Commission, visit us at http://www.4lnb.com.
The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here.
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