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Mid Penn Bancorp Inc. Message Board

  • bottomsupinvestor bottomsupinvestor Jan 30, 2013 3:56 PM Flag

    Good Bye Tarp

    On December 19, 2008, Mid Penn Bancorp, Inc. ("Mid Penn") entered into and closed a Letter Agreement (including the Securities Purchase Agreement - Standard Terms) (the "Purchase Agreement") with the United States Department of the Treasury (the "Treasury") pursuant to which the Treasury invested $10,000,000 in Mid Penn under the Treasury's Capital Purchase Program (the "CPP"). Under the Purchase Agreement, the Treasury received (1) 10,000 shares of Series A Fixed Rate Cumulative Perpetual Preferred Stock, $1,000 liquidation preference ("Series A Preferred Stock"), and (2) a warrant to purchase up to 73,099 shares of the Mid Penn common stock at an exercise price of $20.52 per share (the "Warrant").

    On December 28, 2012, Mid Penn repurchased from Treasury all 10,000 shares of the Series A Preferred Stock issued to Treasury.

    On January 23, 2013, Mid Penn entered into a Letter Agreement (the "Letter Agreement") with Treasury pursuant to which Mid Penn repurchased from Treasury on that date the Warrant for $58,479.20.

    The Letter Agreement is attached as Exhibit 10.1 hereto and is incorporated herein by reference.

 
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