Amerant Announces Redemption of $26.8 Million of Trust Preferred Securities
Amerant Bancorp Inc. - Class B (AMTBB)
Company Research
Source: GlobeNewswire
CORAL GABLES, Fla., Dec. 31, 2019 (GLOBE NEWSWIRE) -- Amerant Bancorp Inc. (NASDAQ: AMTB and AMTBB) (the “Company”) announced today that it has called for redemption of all $26.8 million of its outstanding 8.90% trust preferred capital securities issued by its Capital Trust I. The Capital Trust I securities are being redeemed January 30, 2020 at the contractual call price of 100.00%. All related junior subordinated debentures issued by the Company to this Trust will be repaid as part of the redemption transaction. Millar Wilson, the Company’s Vice-Chairman and Chief Executive Officer, stated: “This redemption of our most expensive fixed rate trust preferred securities currently outstanding will reduce our annual interest expense by approximately $2.4 million. It further reflects the active steps we are taking to continue improving profitability." About Amerant Bancorp Amerant Bancorp Inc. (NASDAQ: AMTB and AMTBB) is a bank holding company headquartered in Coral Gables, Florida. T
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