CLEARWATER, Fla. - Fortune Bancorp will redeem its $17.7 million outstanding of 10% convertible subordinated debentures due Nov. 1, 2010.
The company expects to merge by midyear with Amsouth Bancorp of Birmingham, Ala.
Fortune said it will redeem each $1,000 in debentures for $1,020 in cash plus accrued interest on Jan. 28.
The debentures are convertible into Fortune common stock at $25.50 a share. The stock was trading early Wednesday at $31.125, and the indicated acquisition price was $34.25.