Bridgehampton, N.Y.-based Bridge Bancorp Inc. plans to redeem all outstanding shares of 8.50% cumulative convertible trust preferred securities on Jan. 18, 2017.
The securities have a liquidation amount of $15.8 million, or $1,000 per unit. The redemption price will be equal to the liquidation amount, plus accrued but unpaid interest.
Each share is convertible into 34.4828 common shares of the company, which represents a conversion price of $29.00 per common share. The release noted that the company will redeem all outstanding preferred shares that have not been converted into common shares by Jan. 17, 2017.