Sussex Bancorp seals $15 million fixed-to-floaters due 2026 placement

By Devika Patel

Knoxville, Tenn., Dec. 22 – On Thursday, Franklin, N.J., bank holding company Sussex Bancorp settled a $15 million private placement of fixed-to-floating rate subordinated notes due Dec. 22, 2026.

Interest accrues at 5.75% per year for the first five years. Thereafter, the notes will bear interest at a floating rate equal to Libor plus 350 basis points. The notes are redeemable after five years.

Proceeds will be used for general corporate purposes, including loan growth, additional liquidity and working capital.

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