Mountain Commerce Bancorp, Inc. Announces the Redemption of Its 5% Series A Cumulative Convertible Redeemable Preferred Stock
KNOXVILLE, TN — April 7, 2017 — Mountain Commerce Bancorp, Inc. (OTCQX: MCBI), the Knoxville, Tennessee-based bank holding company and parent of Mountain Commerce Bank, announced the completion of the redemption of its 5% Series A Cumulative Convertible Redeemable Preferred Stock (Series A Preferred Stock) on March 31, 2017.
Holders of the Series A Preferred Stock were entitled to receive either 83.33 shares of common stock or $1,000 for each share redeemed. Of the 2,969 outstanding shares of Series A Preferred Stock, 500 were redeemed for a total of $500,000 in cash. The remaining 2,469 outstanding shares of Series A Preferred Stock were converted to 205,732 shares of common stock. Cash was paid in lieu of fractional common shares.
At the conclusion of the redemption and subsequent conversion of the Series A Preferred Stock, there were 5,963,787 outstanding shares of Mountain Commerce Bancorp, Inc. common stock.
Additionally, holders of the Series A Preferred Stock received a semi-annual dividend payment of $25 for each share of the Series A Preferred Stock, payable on March 31, 2017.
About Mountain Commerce Bancorp, Inc. and Mountain Commerce Bank
Mountain Commerce Bancorp, Inc. (OTCQX: MCBI) is a bank holding company and the parent of Mountain Commerce Bank (MCB). Both are headquartered in Knoxville, Tennessee where MCB serves East Tennessee with five locations across Knox, Washington, and Unicoi counties.
MCB operates and competes with a team dedicated to Responsive Relationship Banking, and offers the latest in banking technology that clients have come to expect. Its mission is to grow and prosper, building long-term customer connections based on top-quality service, high ethical standards, and core-funded, safe and sound assets.
To that end, MCB bases its operations and decisions on the fundamental principles defined by its eight core values: Integrity, Excellence, Leadership, Communication, Reality, Accountability, Teamwork, and Consideration.
MCB believes that these values provide the appropriate framework to structure an organization that will meet the service needs of its customers, the performance requirements of its shareholders, and the regulatory standards of its authorities.
At the end of March 2017, MCB had $651.8 million in total assets and $572.4 million in total deposits. MCB currently employs 75 individuals at five branches and one operations office. For more information, visit us at www.mcb.com or check your account any time at 1-866-MCB-1910. MCB is an equal opportunity employer.