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Fidelity Southern (LION) in Atlanta is planning to raise $60 million in a public offering and use the proceeds, along with cash on hand, to exit the Treasury Department's Troubled Asset Relief Program.
June 4 -
Increased stability among Georgia's banks also increases the odds of consolidation in the once-beleaguered state.
August 1 -
Banks that still hold Tarp funds face the prospect of dividend rates rising to 9% from 5% at a time when many of those institutions are still struggling.
June 11
Fidelity Southern Corp. (LION) in Atlanta has redeemed the entirety of the shares it issued to the Troubled Asset Relief Program along with about a third of trust-preferred securities.
The bank redeemed $48.2 million in Tarp shares and $20.5 million in trust-preferred securities using the proceeds from a
Fidelity still has about $44.5 million in trust-preferreds on its balance sheet, Brolly said. The company opted to pay off the most expensive ones, which carried an 11% dividend, first. "The rest are very affordable," he said.
The redemptions will provide Fidelity with yearly after-tax savings of about $5.8 million, according to the company's Tuesday press release.
Fidelity, a $2.7 billion-asset company, has 32 offices in Georgia and one branch in Florida.
