SunTrust Bank agrees to buy 10,000 non-voting cumulative preferreds
By Marisa Wong
Madison, Wis., April 30 - Capitol City Bancshares, Inc. entered into an agreement with SunTrust Bank on April 24 to sell 10,000 shares of series C non-voting cumulative preferred stock for a cash consideration of $1 million, according to an 8-K filing with the Securities and Exchange Commission.
The preferred shares are callable after five years and putable after 10 years.
Proceeds will be injected into the general capital account of the company's subsidiary bank.
| Issuer: | Capitol City Bancshares, Inc.
|
| Issue: | Series C non-voting cumulative preferred stock
|
| Amount: | $1 million
|
| Shares: | 10,000
|
| Price: | $100
|
| Warrants: | No
|
| Investor: | SunTrust Bank
|
| Pricing date: | April 24
|
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