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Mountain Commerce redeems, converts preferred stock

Knoxville, Tenn.-based Mountain Commerce Bancorp Inc. redeemed its 5% series A cumulative convertible redeemable preferred stock March 31.

The company redeemed 500 shares out of 2,969 outstanding shares of preferred stock for $500,000 in cash. The remaining shares were converted into 205,732 common shares. Preferred stock holders were entitled to receive either 83.33 common shares or $1,000 cash for each redeemed share.

Following the transaction, the company had 5,963,787 outstanding common shares.