Vectra Banking Corp.'s business trust subsidiary, VBC Capital I, is preparing to offer $17.5 million in cumulative capital securities.

The holding company plans to use about $8.3 million in proceeds from the offering to redeem all 805,000 shares of its outstanding $0.95 series A cumulative preferred stock.

The redemption price will be $10.30, plus all unpaid dividends through the redemption date. The last reported sale price of the preferred stock on Nasdaq was $10.25.

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