By Wendy Van Sickle
Columbus, Ohio, Oct. 13 – FVCBankcorp, Inc. privately placed $20 million of fixed-to-floating-rate subordinated notes due 2030.
The notes bear interest at a fixed rate of 4.875% for the first five years and after that will bear interest at a floating rate equal to SOFR plus 471 basis points.
Piper Sandler & Co. was the placement agent.
Proceeds will be used to for general corporate purposes, including potential repayment of a portion or all of the $25 million outstanding subordinated debt callable June 30, 2021.
FVCBankcorp, based in Fairfax, Va., is the holding company for First Virginia Community Bank.
| Issuer: | FVCBankcorp, Inc.
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| Issue: | Fixed-to-floating-rate subordinated notes
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| Amount: | $20 million
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| Coupon: | 4.875% for first five years, then SOFR plus 471 bps
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| Maturity: | Oct. 15, 2030
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| Distribution: | Private placement
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