Posted 7/29/2013 12:00 am
Last week, we told you about the identities of the investors who bought preferred stock from Rogers Bancshares Inc., the holding company for Metropolitan National Bank, but it turns out we had the dollar amount of preferred stock wrong.
Our ciphering calculated that the amount of preferred stock was $12 million. That number should’ve been $13.2 million, according to an email we received from Susan Smith, senior executive vice president of Metropolitan.
And we also learned from Smith’s email that of the $13.2 million of preferred stock, $10 million of that is held as Noncumulative Perpetual Series A Preferred Stock that was placed in March 2006 by Bear Stearns & Co. Bear Stearns was later acquired by J.P. Morgan Securities LLC of New York.
The remaining $3.2 million was issued in September 2008.
Those owners we told you about, the brothers David Parker and Richard Parker, owners of the Parker Automotive Group of Little Rock, each owns 30.77 percent of preferred stock of the bank. And their mother’s Dorris Parker Revocable Trust is holding another 30.77 percent.
The remaining 7.69 percent is held by Stephens Inc. as custodian for Lunsford Bridges, the CEO of Metropolitan National Bank.