PHILADELPHIA- Welcome to the Philly 411, our monthly column on real estate happenings in the Metro area supplied with intel from David Jacobs, a director at Llenrock Group, a local commercial real estate investment-banking firm. You can also follow their blog here. Opinions are the author’s own.

Susquehanna Bancshares, Inc., with almost $1 billion in deposits in this region, was one of the first banks with a local presence to announce its participation in the US Treasury Department’s voluntary Capital Purchase Program, part of the Troubled Asset Relief Program (TARP).

Under the program, Susquehanna applied for and received $300 million in early 2009. In return, it issued the Treasury $300 million in non-voting, senior shares of Susquehanna preferred stock and warrants to purchase $45 million of Susquehanna common stock, or 15% of the value of the preferred stock. In accordance with the Capital Purchase Program, the preferred shares pay an annual 5% dividend for the first five years, and 9% annually after the fifth year, if they are not redeemed. It looks like that 9% will not be achieved.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.