UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Date
of Report (date of earliest event reported): September 18, 2013
S.Y.
BANCORP, INC.
(Exact
name of registrant as specified in its charter)
Kentucky |
1-13661 |
61-1137529 |
(State or other jurisdiction of incorporation or organization) |
(Commission File Number)
|
(I.R.S. Employer Identification No.) |
1040 East Main Street, Louisville, Kentucky, 40206 |
(Address of principal executive offices) |
(502) 582-2571
(Registrant’s
telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 8.01. OTHER EVENTS.
On September 18, 2013, S.Y. Bancorp, Inc. issued a press release, a copy of which is attached hereto as Exhibit 99.1 and incorporated by reference, announcing its intent to redeem $30 million, or the entire outstanding amount, of its 10% fixed-rate cumulative trust preferred securities on January 1, 2014. The redemption price will be equal to 100% of the aggregate liquidation amount of the trust preferred securities plus any accumulated and unpaid distributions thereon to the date of redemption. In November, a notice of redemption is expected to be mailed to security holders with details on the process and distribution of proceeds.
The information in this Form 8-K and the attached Exhibits shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
D. Exhibits
99.1 Press Release dated September 18, 2013
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: |
September 18, 2013 |
S.Y. BANCORP, INC. |
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By: |
/s/ Nancy B. Davis |
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Nancy B. Davis, Executive Vice |
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President, Treasurer and Chief |
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Financial Officer |
Exhibit 99.1
S.Y. Bancorp to Redeem Its 10% Trust Preferred Securities
LOUISVILLE, Ky.--(BUSINESS WIRE)--September 18, 2013--S.Y. Bancorp, Inc. (NASDAQ: SYBT), parent company of Stock Yards Bank & Trust Company, with offices in the Louisville, Indianapolis and Cincinnati metropolitan markets, today announced that the Company will redeem $30 million, or the entire outstanding amount, of its 10% fixed-rate cumulative trust preferred securities on January 1, 2014. The redemption price will be equal to 100% of the aggregate liquidation amount of the trust preferred securities plus any accumulated and unpaid distributions thereon to the date of redemption. In November, a notice of redemption is expected to be mailed to security holders with details on the process and distribution of proceeds.
Commenting on the announcement, David Heintzman, Chairman and Chief Executive Officer, said, "We are pleased that the Company's strong capital position allows us to extinguish this debt in full at this time. In doing so, we will eliminate related future interest costs, thereby adding $0.13 to our annual earnings per diluted share going forward."
The Company intends to use currently available cash to complete the redemption, which is subject to regulatory approval. Following the redemption, the Company's capital ratios are expected to remain well in excess of the regulatory minimum for well capitalized status. In connection with the redemption, the Company expects to write off approximately $1.3 million in unamortized debt issuance costs.
Louisville, Kentucky-based S.Y. Bancorp, Inc., with more than $2.26 billion in assets, was incorporated in 1988 as a bank holding company. It is the parent company of Stock Yards Bank & Trust Company, which was established in 1904. The Company's common shares trade on the NASDAQ Global Select Market under the symbol SYBT. The trust preferred securities of S.Y. Bancorp Capital Trust II also trade on the NASDAQ Global Select Market under the symbol SYBTP.
CONTACT:
S.Y. Bancorp, Inc.
Nancy B. Davis, 502-625-9176
Executive
Vice President,
Treasurer and Chief Financial Officer