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Tennessee-based Community First buys back TruPS
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Columbia, Tenn.-based Community First Inc. repurchased $10 million in face value of its TruPS from an unaffiliated investor for approximately $7.5 million.
The purchase was made through a newly established subsidiary, Community First Trups Holding Company.
According to a Form 8-K, the company has borrowed $4.0 million from Memphis-based First Tennessee Bank NA at 4% per annum to help fund the repurchase. Securing the loan is 100% of the stock of subsidiary Community First Bank & Trust.