SOURCE: FPB Financial Corp.

December 16, 2009 16:19 ET

FPB Financial Corp. Announces Redemption of $1 Million of Preferred Stock

HAMMOND, LA--(Marketwire - December 16, 2009) - FPB Financial Corp. (PINKSHEETS: FPBF) (the "Company") announced today that it had redeemed $1 million of its Fixed Rate Cumulative Perpetual Preferred Stock, Series A that it had previously issued to the United States Department of the Treasury. Because the preferred stock had a 5% annual dividend rate, the redemption will save the Company $50,000 per year in dividends.

The redemption of the preferred stock by the Company was consented to by the Office of Thrift Supervision, the primary federal regulator of the Company's wholly owned subsidiary Florida Parishes Bank (the "Bank"). The Company remains profitable, and the Bank continues to be well-capitalized. "This redemption of $1 million of preferred stock reflects the confidence that the Board of Directors has in the Company's future and in the ability of the Bank to continue to meet all applicable regulatory requirements," stated Fritz W. Anderson, II, President and Chief Executive Officer of the Company.

The Company still has $2.24 million of Series A preferred stock outstanding, as well as $162,000 of Series B preferred stock. The Company currently expects to redeem the remaining preferred stock sometime in 2010, assuming the economy continues to recover. The Bank would still be well-capitalized even if all of the remaining preferred stock was redeemed.

The Company is the thrift holding company for Florida Parishes Bank, which is headquartered in Hammond, Louisiana. At September 30, 2009 on a consolidated basis, the Company had total assets of $170.4 million, total deposits of $128.6 million and total shareholders' equity of $16.4 million. The Company's common stock is quoted on the over-the-counter under the symbol FPBF.

Contact Information

  • For More Information Contact:
    Fritz W. Anderson, II
    President, Chief Executive Officer,
    And Chairman
    FPB Financial Corp.
    (985) 345-1880