The company said that it has repurchased all 64,779 shares of its fixed rate Cumulative Perpetual Preferred Stock, Series T having a liquidation preference of $1,000 per share, from the United States Department of the Treasury.
In addition, the preferred shares were repurchased at a price of about $64.82 million, which includes accrued and unpaid dividends of approximately $45,000.
The company recently paid a quarterly dividend payment of approximately $810,000 to the Treasury on 15 May 2009. Earlier, in January the company issued and sold the preferred shares, along with a warrant to purchase 303,083 shares of its common stock.
In connection with the latest deliverance, the company said that it willrecord a charge of about $3.31 million in Q2, 09 in the form of an accelerated dividend.
Additionally, the company will also report a dividend on the preferred stock including the accretion on the preferred stock discount of about $549,000, for a total effective dividend of around $3.86 million during the second quarter of 2009.
