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.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.