VERITEX HOLDINGS,INC. (NASDAQ:VBTX) Files An 8-K Other EventsItem 8.01. Other Events.
On August 8, 2017, Veritex Holdings,Inc. (the “Company”), the holding company for Veritex Community Bank, a Texas state chartered bank, redeemed all 24,500 shares of the Company’s Senior Non-Cumulative Perpetual Preferred Stock, SeriesD, (the “SBLF Preferred Stock”). The SBLF Preferred Stock had been issued to the United States Department of the Treasury in September 2011 in connection with Sovereign Bancshares, Inc. (“Sovereign”) participation in the Small Business Lending Fund program. Upon completion of the acquisition of Sovereign by the Company on August 1, 2017, each share of Sovereign’s Senior Non-Cumulative Perpetual Preferred Stock, Series C was converted into one share of the Company’s SBLF Preferred Stock. The SBLF Preferred Stock was redeemed at its liquidation value of $1,000 per share plus accrued dividends for a total redemption amount of $24,726,625. The redemption was approved by the Company’s primary federal regulator and was funded with the Company’s surplus capital. Immediately after the redemption, the Company’s capital ratios exceeded those levels necessary to be categorized as “well capitalized” under the regulatory framework for prompt corrective action. The redemption terminates the Company’s participation in the SBLF program.
About VERITEX HOLDINGS,INC. (NASDAQ:VBTX)
Veritex Holdings, Inc. is a bank holding company. The Company, through its subsidiary, Veritex Community Bank (the Bank), a Texas state chartered bank, provides relationship-driven commercial banking products and services tailored to meet the needs of small to medium-sized businesses and professionals. The Company operates through community banking segment. The Bank provides a range of banking services to individual and corporate customers, which include commercial and retail lending, and the acceptance of checking and savings deposits. It offers a full suite of online banking solutions, including access to account balances, online transfers, online bill payment and electronic delivery of customer statements, as well as automated teller machines (ATMs), and banking by telephone, mail and personal appointment. The Bank also offers debit cards, night depository, direct deposit, cashier’s checks and letters of credit, as well as treasury management services.
