By Lisa Kerner
Charlotte, N.C., Feb. 19 – CCB Bankshares, Inc. privately placed $3.5 million of 7% subordinated notes due 2026 with certain institutional and private accredited investors.
The notes are non-callable for five years and qualify as tier-2 regulatory capital, according to a news release.
CCB will use the proceeds to redeem its remaining 1,000 shares, which equates to $1 million, of series A senior non-cumulative perpetual preferred stock issued to the Treasury under the Small Business Lending Fund and for general corporate purposes.
Based in South Hill, Va., CCB Bankshares is the parent company of Citizens Community Bank.
| Issuer: | CCB Bankshares, Inc.
|
| Issue: | Subordinated notes
|
| Amount: | $3.5 million
|
| Coupon: | 7%
|
| Maturity: | Feb. 18, 2026
|
| Distribution: | Private placement
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
