SBT Bancorp to raise $7.5 million via placement of subordinated debt

By Angela McDaniels

Tacoma, Wash., Aug. 24 – SBT Bancorp, Inc. plans to raise roughly $7.5 million through the issuance of subordinated debt in a private placement to an institutional investor, according to an S-1 filing with the Securities and Exchange Commission.

If the issuance occurs, proceeds will be used to support the growth of the company’s subsidiary, Simsbury Bank & Trust Co., Inc., to redeem a portion of the 9,000 shares of series C senior noncumulative perpetual preferred stock that was issued to the Department of the Treasury as part of the Small Business Lending Fund program and for other general corporate purposes. The redemption is expected to occur prior to Dec. 31.

SBT Bancorp and Simsbury Bank & Trust are based in Simsbury, Conn.

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