January 8, 2010 (FinancialWire) — Community Central Bank Corp. (NASDAQ: CCBD), the holding company for Community Central Bank, said it has sold $2.7 million of series B cumulative convertible perpetual preferred stock in a private transaction to local investors.

Each share of preferred stock has a ten year warrant which entitles the holder to purchase twenty shares of the company’s common stock at a purchase price of $5.00 per share.

Dividends on the series B preferred stock are payable quarterly in arrears at a rate of 5.00% per annum, if and when declared by the company’s board of directors. Dividends on the series B preferred shares are cumulative. The series B preferred shares are convertible into common stock at the option of the holder at an initial conversion price per share of $8.00. On or after August 1, 2010, the preferred stock will be subject to mandatory conversion into common stock under certain circumstances.

The securities sold in this private placement have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the absence of an effective registration statement under the Securities Act and applicable state securities laws or exemption from these registration requirements. This news release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sales of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such state or jurisdiction.

Community Central Bank Corp. is the holding company for Community Central Bank in Mount Clemens, Michigan.

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