By Lisa Kerner
Charlotte, N.C., Oct. 19 – First Resource Bank completed a $4 million 6.5% subordinated debt offering.
The company closed $2 million of the offering on July 31 and the remaining $2 million on Oct. 15, according to a news release.
The subordinated debt matures in 2025, with call options after five years.
The completion of the offering and a July 1 common stock offering “allows the bank to proceed with its previously announced plans to redeem 75% of outstanding Small Business Lending Fund preferred stock," president and chief executive officer Glenn B. Marshall said in the news release.
First Resource Bank is a locally owned and operated Pennsylvania state-chartered bank based in Exton, Pa.
| Issuer: | First Resource Bank
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| Issue: | Subordinated debt
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| Amount: | $4 million
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| Coupon: | 6.5%
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| Call option: | After five years
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| Distribution: | Private placement
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| First closing
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| Amount: | $2 million
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| Maturity: | Sept. 15, 2025
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| Closing: | July 31
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| Second closing
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| Amount: | $2 million
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| Maturity: | Oct. 1, 2025
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| Closing: | Oct. 15
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