By Wendy Van Sickle
Columbus, Ohio, March 31 – Salisbury Bancorp, Inc. privately placed $25 million of fixed-to-floating-rate subordinated notes due 2031 to various accredited investors.
The notes bear interest at an annual rate of 3.5% from and including the original issue date of the subordinated notes to, but excluding, March 31, 2026, payable semiannually, according to a news release.
Thereafter, the annual interest rate will be reset quarterly to SOFR plus 280 basis points.
The notes include an optional redemption, without penalty, on or after March 31, 2026 and, in some limited circumstances, before that date.
Performance Trust Capital Partners, LLC acted as placement agent.
Salisbury is the Lakeville, Conn.-based holding company for Salisbury Bank and Trust Co.
| Issuer: | Salisbury Bancorp, Inc.
|
| Issue: | Fixed-to-floating-rate subordinated notes
|
| Amount: | $25 million
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| Coupon: | 3.5% to but excluding March 31, 2026, then SOFR plus 280 bps
|
| Maturity: | March 31, 2031
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| Agent: | Performance Trust Capital Partners, LLC
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| Call: | Without penalty on or after March 31, 2026 and, in some cases, before that date
|
| Distribution: | Private placement
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