Crazy Woman Creek Bancorp Announces CPP Redemption and Charter Conversion
GlobeNewswire - Tue Jan 28, 4:13PM CST
Crazy Woman Creek Bancorp, Inc. (OTCQB:CRZY) today announced that the Federal Reserve Bank recently approved its request for permission to redeem 1500 of the Preferred Series A shares originally issued in February 2009 to the U.S. Treasury Department ("Treasury") under the Treasury's Capital Purchase Program. Crazy Woman Creek Bancorp redeemed 1,000 shares for $1.0 million on January 8, 2014, and has advance regulatory approval to redeem the additional 500 shares of the outstanding balance at a time it chooses, with the intention to redeem these additional shares no later than the second quarter of 2014. Beyond that, Crazy Woman Creek Bancorp is on schedule in the execution of its strategic plan to redeem the remaining 1,600 outstanding shares of the Preferred Series A and 155 shares of Preferred Series B which would constitute full repurchase of outstanding obligations under the Treasury's Capital Purchase Program.