By Lisa Kerner
Charlotte, N.C., July 15 – ServisFirst Bancshares, Inc. closed a $34.75 million private placement of 5% subordinated notes due July 15, 2025.
The notes were sold to accredited investors in the fully subscribed offer.
Proceeds will be used to redeem the preferred stock the company issued on June 21, 2011 to the Department of the Treasury through the Small Business Lending Fund program.
ServisFirst completed the offering without an outside underwriter, due in part to the recently earned investment-grade ratings from Kroll Bond Rating Agency, according to a company news release.
Based in Birmingham, Ala., ServisFirst is the holding company for ServisFirst Bank.
| Issuer: | ServisFirst Bancshares, Inc.
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| Issue: | Subordinated notes
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| Amount: | $34.75 million
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| Coupon: | 5%
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| Maturity: | July 15, 2025
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| Distributed: | Private placement
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