In Brief: N.Y. Bancorp to Issue $50M Trust-Preferred

New York Bancorp, the holding company for Home Federal Savings Bank, has filed with the Securities and Exchange Commission to issue $50 million of convertible trust-preferred securities.

The securities are expected to pay an annual dividend of 8% and would be convertible into New York Bancorp common stock for 110% of the average of the daily closing price. The company expects to offer the securities at $25.

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