By Wendy Van Sickle
Columbus, Ohio, May 29 – First Bank closed a $30 million private placement of fixed- to floating-rate subordinated notes.
The notes have a maturity date of June 1, 2030 and carry a fixed rate of 5½% for the first five years. After that, the notes will pay interest at Libor plus 530 basis points.
According to the bank, the notes include a right of prepayment, without penalty, on or after June 1, 2025.
Proceeds will be used to redeem $22 million of outstanding subordinated notes and for general corporate purposes, according to a news release.
Sandler O'Neill + Partners, LP was the placement agent.
First Bank is based in Hamilton, N.J.
| Issuer: | First Bank
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| Issue: | Subordinated notes
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| Amount: | $30 million
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| Maturity: | June 1, 2030
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| Agent: | Sandler O'Neill + Partners, LP
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| Coupon: | 5½% for the first five years, then SOFR plus 538 bps
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| Call option: | On or after June 1, 2025
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| Distribution: | Private placement
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