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SYBT > SEC Filings for SYBT > Form 8-K on 2-Jan-2014All Recent SEC Filings

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Form 8-K for S Y BANCORP INC


2-Jan-2014

Other Events


ITEM 8.01. OTHER EVENTS.

On December 31, 2013, S.Y. Bancorp, Inc. (the "Company") redeemed all of the 10% fixed-rate cumulative trust preferred securities ("Trust Preferred Securities") issued by S.Y. Bancorp Capital Trust II, a statutory trust and 100%-owned finance subsidiary of S.Y. Bancorp, pursuant to the optional redemption provisions provided in the documents governing the Trust Preferred Securities. The Trust Preferred Securities had an aggregate principal balance of $30 million and a maturity date of December 31, 2038. The Trust Preferred Securities were redeemed at the liquidation amount of $10 per trust preferred security plus accrued and unpaid distributions to the redemption date of December 31, 2013; settlement occurred on December 31, 2013. Following the redemption, the Company's capital levels are expected to remain well in excess of the regulatory minimum for well capitalized status. The redemption was funded with cash on hand.

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