Colony Bankcorp, Inc. Announces Partial Redemption of Preferred Stock
September 07 2016 - 5:00PM
Colony Bankcorp, Inc. (Nasdaq:CBAN) today announced redemption of
3,661 shares of its Cumulative Perpetual Preferred Stock ($1,000
Par Value). Total principal payment will be $3,661,000 and
leave the company with 14,360 preferred shares outstanding.
This action was in concurrence with both Georgia Department of
Banking and Finance and Federal Reserve Bank of Atlanta.
“This will be immediately accretive to EPS,” said Ed Loomis,
President and Chief Executive Officer. “Subject to regulatory
approval later this year, we intend to exercise our option to
redeem additional shares of the preferred stock that has a current
dividend rate of 9 percent.”
CONTACT:
Terry L. Hester
Chief Financial Officer
(229) 426-6000 (ext. 6002)
Colony Bankcorp (NASDAQ:CBAN)
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