Firstbank completes redemption of all $17 million series A preferreds

By Tali David

Minneapolis, June 17 - Firstbank Corp. redeemed all $17 million of its series A preferred stock, according to a news release.

The 17,000 shares were redeemed at $1,000 per share liquidation value plus accrued dividends on June 14.

"This redemption marks a key milestone in our company's successful navigation of the 'great recession.' Our increasing profitability and improving credit metrics are allowing us to shed the extra capital that we took on as protection against uncertain risks in the economy, while at the same time increasing dividends to common shareholders," chief executive officer Thomas R. Sullivan said in the release.

"We have now completed the redemption of all of the preferred shares issued in 2009 as part of the U.S. Treasury's TARP Capital Purchase Program and the repurchase of the related warrants in July 2012."

The repurchased preferreds were all held by private investors who had purchased the shares from the Treasury at its auction held on June 28, 2012.

The bank holding company is based in Alma, Mich.

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