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: March 29, 2001
IOWA FIRST BANCSHARES CORP.
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(Exact name of registrant as specified in its charter)
IOWA 2-89283 42-1211285
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
300 East Second Street Muscatine, Iowa 52761
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(Address of principal executive offices) Zip Code
(319) 263-4221
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(Registrant's telephone number, including area code)
Item 5. Other Events.
On March 28, 2001 the Company issued 4,000 shares, of Company Obligated
Mandatorily Redeemable (COMR) Preferred Securities of Iowa First Capital Trust
I. The par value of the offering was $4,000,000 with the Company receiving net
proceeds of $3,831,500. The securities provide for cumulative cash distributions
calculated at a 10.18% annual rate. The Company may, at one or more times, defer
interest payments on the capital securities for up to 10 consecutive semi-annual
periods, but not beyond June 8, 2036. At the end of the deferral period, all
accumulated and unpaid distributions will be paid. The capital securities will
be redeemed on June 8, 2031; however, the Company has the option to shorten the
maturity date to a date not earlier than June 8, 2011. The redemption price
begins at 105.09% to par and is reduced by 51 basis points each year until June
8, 2021 when the capital securities can be redeemed at par.
Holders of the capital securities have no voting rights, are unsecured and rank
junior in priority of payment to all of the Company's indebtedness and senior to
the Company's capital stock. For regulatory purposes, the entire amount of the
capital securities is allowed in the calculation of Tier I capital. The capital
securities will be included in the balance sheet as a liability with the cash
distributions being included in interest expense.
Signatures
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 hereunto duly authorized.
IOWA FIRST BANCSHARES CORP.
By /s/ Kim K. Bartling
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Kim K. Bartling
Executive Vice President,
Chief Operating Officer
& Treasurer
Dated: March 29, 2001