Greer Bancshares Incorporated Reports: Partial Repurchase of TARP Preferred Stock
June 12, 2014
GREER, SC – Greer Bancshares Incorporated, the parent company of Greer State Bank, today announces that it has repurchased $1,980,000 of its TARP preferred stock from the US Treasury. The repurchase was made at full face value using proceeds from the issuance of subordinated debt in a private placement to five members of the Company’s board of directors and the son of a director. The TARP preferred stock accrues dividends at a rate of 9% per annum, and the new subordinated debt accrues interest initially at a rate of 5% per annum, increasing to 7% per annum starting July 1, 2017. After the repurchase, $5,363,000 in principal amount of the TARP preferred stock remains outstanding.
George Burdette, CEO states “We are pleased to continue to reduce our TARP debt and are currently evaluating financing options that can enable us to repurchase additional outstanding shares.”
About Greer State Bank
Now in its twenty-sixth year of operations, Greer State Bank serves the greater Greer community with three branch offices and a fourth branch office in the Taylors community. Greer Bancshares Incorporated trades in the over the counter market and is quoted on the OTC Bulletin Board under the symbol GRBS. More information on Greer State Bank can be found on the company website at http://www.GreerStateBank.com.
