First Citizens Banc plans to price $25 million perpetual convertible preferred stock

By Rebecca Melvin

New York, Sept. 13 - First Citizens Banc Corp. is offering $25 million of perpetual convertible preferred shares at $25.00 per share to existing shareholders and customers and members of its communities served and then via a syndicated offering if preferreds remain available, according to a regulatory filing.

Keefe, Bruyette & Woods, a Stifel company, is placement agent of the syndicated offering.

Timing and price talk for the offering was not available by Prospect News' deadline.

The series B preferreds can be mandatorily converted by the bank after six years if common shares are at least 120% of the prevailing conversion price.

Proceeds will be used to redeem the company's outstanding series A perpetual preferred shares, which were originally issued and sold to the U.S. Treasury in January 2009 as part of the TARP program. Remaining proceeds will be used for general corporate purposes.

The company plans to list the securities on the Nasdaq stock exchange.

Sandusky, Ohio-based First Citizens is a bank holding company that operates in central and north central Ohio.

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