Farmers Capital Bank to repurchase one third of preferreds during Q2

New York, March 21 - Farmers Capital Bank Corp. said it plans to repurchase one third of its outstanding series A preferred stock during the second quarter.

The company received approval on Friday from the Federal Reserve Bank of St. Louis for the buyback.

In total, Farmers Capital will repurchase 10,000 preferred shares, each of which has a liquidation value of $1,000. The total cost of the redemption is estimated to be $10.2 million.

"Repurchasing the shares not only lessens the impact of the recent increase in the dividend rate, it is also indicative of the continual progress we've made in strengthening the overall financial condition of the company," said Lloyd C. Hillard, Jr., president and chief executive officer, in a news release.

Farmers Capital Bank is a bank holding company based in Frankfort, Ky.

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