Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers O > Headlines for OptimumBank Holdings, Inc. > News item |
OptimumBank completes exchange offer for trust preferred securities
By Sarah Lizee
Olympia, Wash., Jan. 8 – OptimumBank Holdings, Inc. completed a private offer to exchange a portion of its outstanding trust preferred securities (Cusip: 68401P304).
The exchange offer expired on Dec. 26.
On Dec. 31, the company issued 924,395 shares of its common stock for 1,881 trust preferred securities, which had an outstanding balance of $2,643,769 as of the expiration date.
The number of shares of common stock that were exchanged for each trust preferred security was determined by dividing the outstanding balance of each trust preferred security as of the expiration date by the applicable price of the common stock as of the expiration date.
The exchange offer price was equal to $2.86 per share, which represented the closing market price of the common stock on the expiration date.
The company intends to cancel the trust preferred securities acquired in the exchange offer.
Following the exchange offer, there were 2,425 outstanding trust preferred securities that had not been acquired by the company. These 2,425 trust preferred securities had an outstanding balance of about $3,408,000 at Dec. 31.
Fort Lauderdale, Fla.-based OptimumBank Holdings is the bank holding company for OptimumBank.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.