By Lisa Kerner
Charlotte, N.C., March 9 - First National Community Bancorp, Inc. completed its private placement of $25 million of subordinated notes that mature on Sept. 1, 2019. The issue priced in August 2009.
The notes were priced to yield 9%, according to a form 8-K filed with the Securities and Exchange Commission.
Proceeds will be used to strengthen First National's capital position, improve liquidity and increase the lending capacity of First National Community Bank, the company said.
"The additional capital generated through this successful sale complements several initiatives being aggressively employed by our management team to conserve cash reserves, as well as support FNCB's continuing growth objectives," interim president and chief executive officer Jerry A. Champi said in a company news release.
As previously reported, interest on the notes is payable quarterly, and the notes are callable at any time.
Beginning Sept. 1, 2015, payments of principal will be made annually.
First National, 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
|
| Price: | Par
|
| Call option: | At any time
|
| Pricing date: | Aug. 28, 2009
|
| Settlement date: | March 4
|
| 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.
