By Lisa Kerner
Charlotte, N.C., Oct. 19 – FS Bancorp, Inc. issued a $10 million 6.5% subordinated term note due Oct. 1, 2025 to Community Funding CLO, Ltd. under an Oct. 15 agreement.
Proceeds will be used for general working capital and operating expenses.
Interest is payable quarterly in arrears on Jan. 1, April 1, July 1 and Oct. 1 of each year, according to an 8-K filing with the Securities and Exchange Commission.
The note is intended to qualify as tier 2 capital.
FS Bancorp may prepay the note at any time on or after five years after the closing date or upon certain events.
The bank holding company is based in Mountlake Terrace, Wash.
| Issuer: | FS Bancorp, Inc.
|
| Issue: | Subordinated term note
|
| Amount: | $10 million
|
| Coupon: | 6.5%
|
| Maturity: | Oct. 1, 2025
|
| Call option: | After five years
|
| Lender: | Community Funding CLO, Ltd.
|
| Settlement date: | Oct. 1
|
| Distribution: | Private placement
|
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