By Laura Lutz
Des Moines, Nov. 3 - QCR Holdings, Inc. settled a private placement of its series B non-cumulative perpetual preferred stock for $9.55 million.
The company sold 191 shares of the preferreds to accredited investors for $50,000 per share.
The preferreds have a dividend rate of 8%. Dividends are not accrued and are payable only if declared. No dividends may be declared on the company's common stock unless dividends have been declared for the series B preferreds.
The company may redeem all of the preferreds at any time after one year from settlement, but they may not be partially redeemed. The redemption price will be $50,000 plus a premium equal to $4,000 times the number of calendar days the shares have been outstanding divided by 365, less the amount of dividends paid on the shares.
QCR is a bank holding company based in Moline, Ill.
| Issuer: | QCR Holdings, Inc.
|
| Issue: | Series B non-cumulative perpetual preferred stock
|
| Amount: | $9.55 million
|
| Shares: | 191
|
| Price: | $50,000
|
| Dividend: | 8%
|
| Redemption price: | $50,000 plus a premium equal to $4,000 times the number of calendar days the shares have been outstanding divided by 365, less the amount of dividends paid on the shares
|
| Settlement date: | Oct. 31
|
| Stock symbol: | Nasdaq: QCRH
|
| Stock price: | $17.02 at close Oct. 31
|
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