Bridgehampton, N.Y.-based Bridge Bancorp Inc. completed the redemption of its 8.50% cumulative convertible trust preferred securities.
The liquidation amount for each preferred security was $1,000. The securities were issued by company subsidiary Bridge Statutory Capital Trust II.
As of the Dec. 15, 2016, notice of redemption in full of the TruPS, there were 15,800 shares outstanding, representing an aggregate liquidation amount of $15.8 million. Following the notice of redemption, 15,450 shares representing roughly $15.5 million in aggregate liquidation amount were converted into common shares at the exchange rate of 34.4828 common shares per share of TruPS, resulting in the issuance of a total of 532,740 common shares of the company.
In addition, as of Jan. 18, $350,000 in aggregate liquidation amount of the TruPS were redeemed at the liquidation amount plus accrued but unpaid interest until but not including the date of redemption.