MidSouth Bancorp, Inc. Announces CVR Redemption
LAFAYETTE, La., March 28, 2013 /PRNewswire/ -- MidSouth Bancorp, Inc. ("MidSouth") (NYSE MKT: MSL) announced today that the contingent value rights ("CVRs") issued by MidSouth as part of the consideration for the acquisition of PSB Financial Corporation ("PSB") have matured and MidSouth will be making the maximum payment to the CVR holders on or about April 20, 2013.
The CVRs entitle their holders to receive a pro rata portion of certain contingent payments tied to the performance of certain assets in The Peoples State Bank's legacy loan portfolio. As of March 21, 2013, these loans were paid off in full triggering the maturity of the CVRs; therefore, each CVR will receive the maximum payment of $27.35 per CVR, plus interest in the amount of 4.00% per annum through March 21, 2013. The aggregate payment by MidSouth for all CVRs will be approximately $2.02 million.
About MidSouth Bancorp, Inc.
MidSouth Bancorp, Inc. is a financial holding company headquartered in Lafayette, Louisiana, with assets of $1.9 billion as of December 31, 2012. Through its wholly owned subsidiary, MidSouth Bank, N.A., MidSouth offers a full range of banking services to commercial and retail customers in Louisiana and Texas. MidSouth Bank currently has 59 banking centers in Louisiana and Texas and is connected to a worldwide ATM network that provides customers with access to more than 50,000 surcharge-free ATMs. Additional corporate information is available at www.midsouthbank.com.
SOURCE MidSouth Bancorp, Inc.