By Susanna Moon
Chicago, April 23 - First Capital Bancorp, Inc. registered $10.96 million of series A fixed-rate cumulative perpetual preferred stock for resale in an S-1 filing with the Securities and Exchange Commission.
The preferreds were sold to the U.S. Department of the Treasury under the Troubled Asset Relief Program.
The dividend rate is initially 5%, stepping up to 9% on May 15, 2014. Dividends are payable quarterly.
The preferreds may be redeemed at par plus accrued dividends at any time subject to the approval of the Federal Reserve.
The liquidation preference is $1,000 per preferred.
The financial holding company is based in Glen Allen, Va.
| Issuer: | First Capital Bancorp, Inc.
|
| Issue: | Series A fixed-rate cumulative perpetual preferred stock
|
| Amount: | $10,958,000
|
| Dividend rate: | 5%, stepping up to 9% on May 15, 2014
|
| Liquidation preference: | $1,000
|
| Call option: | At any time subject to Fed approval
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