Community Capital Bancshares, Inc., the parent bank holding company of AB&T National Bank , announced that its board of directors recently declared cash dividends to be paid on its shares of Series A and Series B Cumulative Convertible Preferred Stock (the “Preferred Shares”), which are scheduled to convert to common stock on December 31, 2014. 

An aggregate cash dividend of up to $282,900 will be paid on the Series A shares and up to $718,250 will be paid on the Series B shares, which represents approximately 50% of the cumulative dividends due on the Preferred Shares through December 31, 2014, assuming no holders exercise optional conversion rights prior to such date. The dividends are payable on December 31, 2014 to shareholders of record as of December 1, 2014. On the conversion date, all cumulative dividends that have not been paid in cash will be exchanged for common stock as provided in the designations for the Preferred Shares. 

On the conversion date, the company expects to issue 2,645,879 shares of common stock upon the conversion of the Preferred Shares and approximately 522,545 additional shares of common stock in exchange for unpaid cumulative dividends on the Preferred Shares. The total number of common shares outstanding after the conversion is expected to be approximately 6,269,479 shares. 

“We are especially pleased to be able to pay roughly half the total cumulative dividends on the Preferred Shares in cash. This outcome demonstrates the tremendous progress that the bank has made over the last five years” stated Luke Flatt, President and CEO. He went on to say, “I am proud to report that the condition of the bank is sound and that our focus continues to be on growing the bank and growing value for those who have demonstrated their confidence in AB&T through their investments and as loyal customers.” 

AB&T National opened its doors in 1999 as Albany Bank & Trust, focused on providing customers with local decision-making and gold standard service. The bank is a member of the FDIC and is an Equal Housing Lender. For more information, visit www.abtgold.com.