Southern First Bancshares enters $15 million revolving loan

By Wendy Van Sickle

Columbus, Ohio, Jan. 3 – Southern First Bancshares, Inc. entered into a loan agreement with TIB, NA providing for a revolving loan of up to $15 million total principal amount, according to an 8-K filing with the Securities and Exchange Commission.

Borrowings accrue interest at the Wall Street Journal Prime Rate plus 25 basis points.

In connection with the loan agreement, the company issued the lender a promissory note dated Dec. 28 in an amount up to $15 million with a maturity date in 14 months. During this time, interest only payments will be due quarterly.

The Greenville, S.C.-based holding company for Southern First Bank NA will not receive any of the proceeds.

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