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The $2.1 billion-asset parent of Stock Yards Bank & Trust said Thursday that it would pay roughly $7.8 million in cash and $11.7 million in stock for the $137 million-asset Bancorp, which owns The Bank Oldham County.
December 20 -
The underwriters of Independent Bank Corp.'s (ICBP) recent offering plan to buy an additional $13.4 million worth of the company's stock.
September 10 -
The Federal Reserve Board has given Valley National Bancorp in Wayne, N.J., approval to redeem $127.5 million of trust-preferred securities.
August 29 -
Enterprise Financial Services Corp. (EFSC) in St. Louis converted $20 million of trust-preferred securities to common stock, a move that will reduce its borrowing costs and improve its capital position.
August 15
S.Y. Bancorp (SYBT) in Louisville, Ky., plans to redeem $30 million of trust-preferred securities.
The $2.3 billion-asset company said Wednesday that it will redeem all its 10% fixed-rate trust-preferred securities on Jan. 1. S.Y. said it expects to pay face value plus unpaid dividends for the securities, it said.
S.Y. plans to use cash on hand for the redemption. It will also write off $1.3 million in debt-issuance costs in association with the transaction.
S.Y. said its capital ratios will remain above the regulatory minimum after the redemption. At June 30, its bank, Stock Yards Bank & Trust, had a Tier 1 leverage ratio of 9.11% and total risk-based capital of 12.39%, according to the Federal Deposit Insurance Corp.
"We are pleased that the company's strong capital position allows us to extinguish this debt in full at this time," David Heintzman, S.Y.'s chairman and chief executive, said in a press release. "In doing so, we will eliminate related future interest costs, thereby adding 13 cents to our annual earnings per diluted share going forward."
Last December, S.Y.
