First National Community to pay all deferred interest on 9% notes

By Angela McDaniels

Tacoma, Wash., Jan. 29 – First National Community Bancorp, Inc.’s board of directors authorized the payment on March 1 of all interest that the company had previously been deferring on its 9% subordinated notes due 2019, according to a company news release.

The company issued $25 million of the notes in a private placement on Sept. 1, 2009.

The payment will represent interest accrued and deferred on the notes from Sept. 1, 2010 through May 31, 2015 and interest that is currently due and payable on March 1.

The company completed an $11 million principal payment on the notes on June 30, 2015 and interest rate modification effective July 1, 2015. The company resumed regularly scheduled interest payments on the subordinated debt on Sept. 1.

The aggregate payment totaling $10,996,752 includes all deferred interest and interest that is due and payable on March 1.

The company said it plans to continue regularly scheduled quarterly interest payments.

First National Community Bancorp is the bank holding company of First National Community Bank. It is based in Dunmore, Pa.

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