By Lisa Kerner
Charlotte, N.C., Aug. 28 - First National Community Bancorp, Inc. approved a $25 million private placement of 9% subordinated notes to accredited investors on Friday, according to a form 8-K filed with the Securities and Exchange Commission.
The notes mature Sept. 1, 2019.
Interest is payable quarterly.
Payments of principal will made annually beginning on Sept. 1, 2015.
The notes are callable at any time.
The majority of the net proceeds from the sale of the notes will be used to strengthen First National Community's capital position, improve liquidity and increase the regulatory lending authority of its subsidiary, First National Community Bank, the filing said.
First National Community, based in Dunmore, Pa., is the holding company for First National Community Bank.
| Issuer: | First National Community Bancorp, Inc.
|
| Issue: | Subordinated notes
|
| Amount: | $25 million
|
| Maturity: | Sept. 1, 2019
|
| Coupon: | 9%, payable quarterly
|
| Call option: | At any time
|
| Pricing date: | Aug. 28
|
| Distribution: | Private placement
|
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