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Clarifying TruPS Holders’ Exercise Of Remedial Rights

Law360, New York (October 9, 2014, 10:41 AM EDT) -- In 2006, FMB Bancshares Inc. — as did many other bank-holding companies before it — entered into a trust-preferred transaction, which is a two-tiered debt structure whereby — in the first instance — the holding company issued debentures that were to be sold to a newly created statutory trust. The trust, a separate legal entity from FMB, the holding company, issued its own preferred (or capital) securities (trust-preferred securities, or TruPS), which were sold to investors, and common securities, which were sold to FMB.

The proceeds from the sale of the TruPS were used by the trust to purchase the debentures,...

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