HAMMOND, LA -- (Marketwire) -- 06/17/10 -- FPB Financial Corp. (PINKSHEETS: FPBF) (the "Company") announced on June 16, 2010 that it had redeemed all of its remaining $2.2 million of Fixed Rate Cumulative Perpetual Preferred Stock, Series A and $162,000 of Fixed Rate Cumulative Perpetual Preferred Stock, Series B that it had previously issued to the United States Department of the Treasury. Including accrued dividends, the aggregate redemption price was $2.4 million. Because the Series A preferred stock had a 5% annual dividend rate and the Series B preferred stock had a 9% annual dividend rate, the redemption will save the Company over $125,000 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 $2.4 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 is the thrift holding company for Florida Parishes Bank, which is headquartered in Hammond, Louisiana. At March 31, 2010 on a consolidated basis, the Company had total assets of $169.6 million, total deposits of $123.8 million and total shareholders' equity of $16.3 million. The Company's common stock is quoted on the over-the-counter under the symbol FPBF.