Bridge Capital Holdings (NASDAQ:BBNK) has announced that it has reached an agreement for the early conversion of the preferred stock that is being held by the Carpenter Community BancFund. The company issued a total of 3,710,289 shares of its common stock on March 31 in the amount of 4789,860.75 to Carpenter Community. The shares were issued upon the conversion of 131,901 shares of the company’s Series B Mandatorily Convertible Perpetual Preferred Stock and 168,099 shares of it’s Series B-1 Mandatorily Convertible Cumulative Perpetual Preferred Stock. The conversion price of the Series B and B-1 Preferred stock was $8.46 per share.
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Bridge Capital Holdings is a bank holding company for Bridge Bank, National Association (the Bank). The Bank engages in general commercial banking business, and accepts checking and savings deposits, makes commercial, real estate, auto and other installment and term loans, and provides other customary banking services. The Bank attracts its loan and deposit business from the residents and numerous small and middle market businesses and professional firms located in Santa Clara County. The Bank provides the local business and professional community with banking services. In addition, the Bank provides some specialized services to its customers. These services include courier deposit services to locations or customers throughout the Bank’s service area, Small Business Administration (SBA) loans, factoring and asset-based loans and Internet banking. The Bank does not offer trust services.
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