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Civista Bancshares to redeem series B preferred shares

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Civista Bancshares to redeem series B preferred shares

Civista Bancshares Inc. will redeem all of its 6.50% noncumulative redeemable convertible series B perpetual preferred shares and the corresponding depositary shares Dec. 20.

Each depositary share represents a 0.025 interest in a series B preferred stock and will be redeemed at $25 apiece. There were 395,929 depositary shares as of Sept. 30, the company said.

Depositary stockholders have the option to convert their holdings into common shares of the Sandusky, Ohio-based company at any time before 5 p.m. EDT on Dec. 19.