Summary
Summit Financial Group Inc., the corporate parent of Summit Community Bank, plans to raise $6 million in equity capital by offering current shareholders preferred stock that will pay an 8 percent dividend.
Robert Tissue, Summit's senior vice president and chief financial officer, said the additional capital will be used to strengthen the company's capital base, for general corporate purposes, and to provide for future company growth.See the full content of this document
Extract
Summit Offering Preferred Stock
If Summit sold bonds or took out a loan it could get a deduction for the interest it paid but the preferred stock divi...
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