Virginia Commerce Bancorp Buysback Entire $71M of Preferred Stock from TARP
Virginia Commerce Bancorp, Inc. (NASDAQ: VCBI), announced that it has repurchased all of the Company's Series A Cumulative Perpetual Preferred Stock that was issued to the U.S. Treasury under the TARP Capital Purchase Program. Pursuant to the redemption, the Treasury received from Virginia Commerce $71.3 million, consisting of $71.0 million in liquidation value of the preferred stock and approximately $256 thousand in accrued and unpaid dividends for the current quarter. The redemption will eliminate approximately $5.5 million annually in cash dividends on the preferred stock and related expenses.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.