Virginia Commerce Bancorp, Inc.
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.
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