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Security Details
- Coupon Rate
- 9.45%
- Liquidation Preference
- $10.00
- Call Price
- $10.00
- Call / Redemption Date
- 3/30/2013
- Maturity Date
- 3/30/2038
- Distribution Period
- Q
- Rate Type
- Fixed
- Annual Distribution
- 0.95
- Distribution Dates
- 3/30, 6/30, 9/30 & 12/30
- Credit Ratings
- Moody's NF · S&P NF (5/25/2020)
- Tax-Advantaged Dividends
- No
Security Profile
Security's distribution is suspended.
- CUSIP
- 879734200
- Market Cap
- Micro Cap · $19 Million
- IPO
- 1/14/2008 · $10.00/share
- Previous Symbol
- TMPR (changed 7/30/2009)
- Parent Company
- Temecula Valley Bancorp, Inc. (TMCV*)
Business: Temecula Valley Statutory Trust VI, 9.45% Trust Preferred Securities, liquidation amount $10 per share, guaranteed by Temecula Valley Bancorp Inc. (Nasdaq: TMCV) (See our definition of Guaranteed in our Glossary of Income Investing Terms for the technicalities of the guarantee), redeemable at the issuer's option on or after 3/30/2013 at $10 per share plus accrued and unpaid dividends, and maturing 3/30/2038. Distributions of 9.45% ($0.945) per annum are paid quarterly on 3/30, 6/30, 9/30 & 12/30 to holders of record on the record date which is one business day prior to the payment date while the securities remain in global security form (NOTE: the ex-dividend date is one business day prior to the record date). Dividends paid by trust preferred securities are derived from interest paid to the underlying debt securities and therefore are NOT eligible for the 15% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. The company has the right, at any time, to defer dividend payments for up to 20 consecutive quarters (but not beyond the maturity date). The trust's assets consist of the 9.45% Subordinated Deferrable Interest Notes due 3/30/2038 which were purchased from the company using the funds generated from the sale of the trust preferred securities. See the IPO prospectus for further information on the trust preferred securities by clicking on the ‘Link to IPO Prospectus’ provided below.
Notes: From the form 8-K filed with the SEC on 7/30/2009 -- Temecula Valley Bancorp Inc. intends to file a voluntary petition in the United States Bankruptcy Court of the Central District of California, Riverside Division, by August 18, 2009, seeking relief under Chapter 7 of Title 11 of the United States Code. The Chapter 7 bankruptcy filing is a result of the previously reported July 23, 2009 Form 8-K whereby the California Department of Financial Institutions closed the Company's former subsidiary, Temecula Valley Bank and subsequently, the Federal Deposit Insurance Corporation ("FDIC") was appointed as receiver. Subsequent to the Bank closure and receivership, the FDIC informed the Company that First-Citizens Bank and Trust Company, Raleigh, North Carolina, assumed all of the deposits of the Bank, excluding those from brokers, and purchased essentially all of the Bank's
assets in a transaction facilitated by the FDIC. As a result of the FDIC being appointed receiver of the Bank on July 17,
2009 and the planned Chapter 7 bankruptcy filing, the Company has ceased all business activity and operations since the Bank was the Company's only source of revenue. Upon filing of the petition, the court will appoint a bankruptcy trustee who will be responsible for liquidating the Company. ____________ This security is possibly subject to an early call as a result of the occurrence of a capital treatment event (see prospectus for further information) stemming from the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet.
Company Contact
- CEO
- Kelly S. King
- CFO
- Daryl Bible
- Headquarters
- 200 West Second Street, Winston-Salem, NC 27101
- Phone
- 336-733-2000 · Toll-Free 800-226-5228
- Fax
- 336-733-0118
- Investor Relations
- Tamera Gjesdal · 336-733-3058