Published on 9/18/2020 in the Prospect News Private Placement Daily.
New Issue: Sound Financial places $12 million of 5.25% 10-year fixed-to-floaters
By Wendy Van Sickle
Columbus, Ohio, Sept. 18 – Sound Financial Bancorp, Inc. settled a $12 million private placement of 5.25% 10-year fixed-to-floating rate subordinated notes, according to a press release. Keefe, Bruyette & Woods was the agent.
Interest accrues at 5.25% per year until Oct. 1, 2025. From then onwards, the notes will bear interest at a floating rate equal to SOFR plus 513 basis points.
Proceeds will be used for general corporate purposes.
The bank holding company is the parent company of Sound Community Bank and is based in Seattle.
| Issuer: | Sound Financial Bancorp, Inc.
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| Issue: | Fixed-to-floating rate subordinated notes
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| Amount: | $12 million
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| Maturity: | 2030
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| Coupon: | 5.25% until Oct. 1, 2025, then at SOFR plus 513 bps
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| Call: | On or after Oct. 1, 2025
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| Agent: | Keefe, Bruyette & Woods
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| Announcement date: | Sept. 18
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| Distribution: | Private placement
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