By Wendy Van Sickle
Columbus, Ohio, May 27 – SB Financial Group, Inc. issued $20 million of 10-year fixed-to-floating-rate subordinated notes in a private placement, according to a press release. Janney Montgomery Scott LLC was the agent.
The notes bear interest at a rate of 3.65% per year for the first five years, after which the interest rate on the notes will be reset quarterly to an interest rate per year equal to SOFR plus 296 basis points.
Proceeds will be used for general corporate purposes.
SB Financial is the Defiance, Ohio-based holding company for State Bank & Trust Co. and SBFG Title, LLC.
| Issuer: | SB Financial Group, Inc.
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| Issue: | Subordinated notes
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| Amount: | $20 million
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| Maturity: | 2031
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| Agent: | Janney Montgomery Scott LLC
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| Coupon: | Initially 3.65%; after five years, resets quarterly to SOFR plus 296 bps
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| Call: | Callable after five years
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| Settlement date: | May 27
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| Distribution: | Rule 144A, Regulation D
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