3 million outstanding shares of its series 1990 cumulative perpetual adjustable rate preferred stock
BAC issued 1,788,000 shares of Series 1 Preferred in exchange for Continental Bank Corporation Adjustable Rate Preferred Stock
, Series 1 as a part of its acquisition of Continental in August 1994.
Capital Holding LLC will loan the net proceeds of the offering to Capital Holding, which will use the proceeds to provide permanent funding for the redemption of Capital Holding's Adjustable Rate Preferred Stock
, Series F.
In March, the Company filed a registration statement with the Securities and Exchange Commission for a public offering of four million shares of Cumulative Monthly Income Preferred Stock to be used to provide permanent funding for the redemption of Capital Holding's Adjustable Rate Preferred Stock
, Series F.
Capital Holding LLC, a newly formed finance subsidiary, will lend the net proceeds of the stock to its parent Capital Holding Corporation (NYSE: CPH), which will be used to provide permanent funding for the redemption of CPH's adjustable rate preferred stock
, Series F, which was also rated "A+" (Single-A-Plus).
Our results for the prior year were impacted by an after tax charge to earnings related to an other than temporary impairment in value of certain adjustable rate preferred stocks
of $2,381,000 in the fourth quarter of 2004.
80 per fully diluted share charge to earnings as a result of an other than temporary impairment in the value of certain Federal Home Loan Mortgage Corporation (Freddie Mac) and Federal National Mortgage Corporation (Fannie Mae) adjustable rate preferred stocks
it holds in its investment portfolio.