HOUSTON - First City Bancorp of Texas said the nominal value of special preferred stock to be issued under its Chapter 11 reorganization will be $21 a share.
The annual dividend rate will be $3.15, the company said Monday. The stated value of the preferred shares was raised from the previously estimated level of $14.22 a share as a result of "revised and more current projections."
Additional information about the reorganization plan will be released after it is put into effect, the bank said.
As reported, the plan calls for closely held J-Hawk Corp. of Waco, Tex., to merge into First City and to hold a 49.9% stake in it. First City filed for bankruptcy protection in 1992.