By Lisa Kerner
Charlotte, N.C., June 2 – Bay Banks of Virginia, Inc. announced it placed $7 million in subordinated notes with accredited investors, including members of its board of directors, existing common shareholders and the local community.
The notes, issued on May 28, pay a fixed rate of 6.5% and mature in 2025.
Proceeds will be used to invest in the Bank of Lancaster and for general corporate purposes.
The notes are redeemable by Bay Banks on May 28, 2020 or on any subsequent interest payment date.
FIG Partners, LLC served as placement agent.
Based in Kilmarnock, Va., Bay Banks is the holding company for Bank of Lancaster and Bay Trust Co.
| Issuer: | Bay Banks of Virginia, Inc.
|
| Issue: | Subordinated notes
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| Amount: | $7 million
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| Coupon: | 6.5%
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| Maturity: | May 28, 2025
|
| Call option: | On any interest payment date beginning May 28, 2020
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| Agent: | FIG Partners, LLC
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| Distribution: | Private placement
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