half, or $4.5 million, of its 9% cumulative perpetual preferred stock at midmonth, before maturity. Sanford A. Belden, president and chief executive of the $1.2 billion asset bank holding company, said the Nov. 15 redemption will eliminate a relatively high-cost funding source. The company recently made a highly successful stock issue and has made good progress in assimilating its July purchase of 15 Chase Manhattan Bank branches, Mr. Belden said. He said he was confident that the bank unit's Tier 1 capital ratio will remain in excess of the minimum required for well-capitalized banks.
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