By Jennifer Chiou
New York, Aug. 1 - BNC Bancorp registered up to $31.26 million of its series A fixed-rate cumulative perpetual preferred stock in an S-3 filing with the Securities and Exchange Commission.
The company sold the preferreds to the U.S. Department of the Treasury on Dec. 15, 2008 under the Troubled Asset Relief Program's Capital Purchase Program.
The 31,260 preferreds have a liquidation preference of $1,000 each.
The dividend rate for the preferreds is 5% per year for the first five years. It will then increase to 9%.
The preferreds are callable at par at any time, subject to federal approval.
The company will not receive any proceeds from the selling holders.
The company also registered 543,337 warrants that are exercisable at $8.63 per share.
High Point, N.C.-based BNC Bancorp is the holding company for Bank of North Carolina. Its shares closed at $7.97 (Nasdaq: BNCN) on Wednesday.
Issuer: | BNC Bancorp
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Issue: | Series A fixed-rate cumulative perpetual preferred stock
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Amount: | $31.26 million
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Dividends: | 5% through December 2013, then 9%
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Liquidation amount: | $1,000
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Call option: | At par subject to federal approval
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