DENVER, CO–(Marketwired)–Guaranty Bancorp (NASDAQ: GBNK), a Colorado-based, community bank holding company, announced it has submitted redemption notices to the trustee for certain trust preferred securities.
The trust preferred securities are callable on the redemption dates specified [in this press release] at the option of the company. The redemptions will be funded with available cash. The annual interest savings associated with these two trust preferred securities is approximately $1.6 million. Each of the CenBank Trust I and CenBank Trust II trust preferred securities will be redeemed at a price equal to 104.24% and 104.08% of the liquidation amount of $1,000 per trust preferred security, respectively, plus all accrued and unpaid distributions to the respective redemption dates.
Paul W. Taylor, Guaranty Bancorp’s President and Chief Executive Officer, stated, “We are pleased to be redeeming these high-cost securities early for the favorable impact we expect on our net income, earnings per share, cost of funds, return on assets and return on equity.”