Citizens First redeems $191,952 of preferreds; remainder converted

By Susanna Moon

Chicago, July 20 – Citizens First Corp. redeemed $191,952 of its outstanding cumulative convertible preferred stock on June 30.

From May 15 to the redemption date, the company issued 507,325 shares of common stock upon conversion of 223 preferred shares, according to an 8-K filing with the Securities and Exchange Commission.

The preferreds were convertible until the day before redemption into a number of shares of common stock equal to the initial value of $31,992 divided by the conversion price of $14.06.

Citizens said on May 23 that it would redeem all of the convertible preferreds on June 30 at the stated amount of $31,992 per share plus accrued dividends.

Citizens First had 229 shares of the preferreds outstanding for a total stated amount of $7.33 million.

The company issued 250 shares, or $8 million, in 2004.

The preferreds pay an annual dividend of 6.5% and currently convert at $14.06 per share.

On May 22, the common stock closed at $21.29 per share.

Citizens First is a Bowling Green, Ky., bank holding company.

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