First Community Bancshares Inc said it intends to publicly offer about $50 million of its common stock and may use the proceeds to buy back preferred shares issued to the U.S. Treasury.
In November, the company received $41.5 million from the Treasury under the Capital Purchase Program.
Last week, First Niagara Financial Group Inc (FNFG.O) said it redeemed all of its $184 million non-voting senior preferred stock that was sold to the Treasury. [ID:nBNG321205]
Shares of Bluefield, Virginia-based First Community closed at $17.44 Friday on Nasdaq. (Reporting by Santosh Nadgir in Bangalore; Editing by Aradhana Aravindan)