Monarch Financial (MNRK) in Chesapeake, Va., is getting rid of preferred stock it issued in 2009.

The holding company for the $1.2 billion-asset Monarch Bank said Thursday that it will convert all outstanding shares of its Series B cumulative convertible preferred stock to common stock. There are roughly 300,000 shares of preferred stock in that series, worth about $10.7 million based on Thursday's closing price.

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