Oak Ridge Financial calls $2.5 million series A TARP preferred stock

By Tali Rackner

Norfolk, Va., Nov. 21 – Oak Ridge Financial Services, Inc. called 2,500 shares, or 32.5%, of its 7,700 shares of outstanding series A fixed-rate cumulative perpetual preferred stock issued under the Troubled Asset Relief Program Capital Purchase Program, according a press release.

The shares will be redeemed on Dec. 21 at a liquidation preference of $1,000 per share plus accrued interest for a total redemption price of about $2.5 million.

Following completion of the partial redemption, 5,200 shares will remain outstanding, and the capital ratios of Bank of Oak Ridge are expected to continue to exceed regulatory capital standards to be categorized as well-capitalized.

The issuer is an Oak Ridge, N.C.-based financial institution.

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