By Lisa Kerner
Charlotte, N.C., June 20 – FVCBankcorp, Inc. privately placed $25 million of fixed-to-floating-rate subordinated notes due 2026.
The notes bear interest at a fixed rate of 6% for the first five years and thereafter will bear a floating interest rate equal Libor plus 487 basis points.
Sandler O'Neill + Partners, LP was the placement agent.
Proceeds will be used to support continued organic growth and for general corporate purposes.
The additional capital will also allow the company flexibility to take advantage of strategic opportunities in the marketplace that may arise, a company news release stated.
The notes are intended to qualify as tier 2 capital for the company for regulatory purposes.
FVCBankcorp, based in Fairfax, Va., is the holding company for First Virginia Community Bank.
| Issuer: | FVCBankcorp, Inc.
|
| Issue: | Fixed-to-floating-rate subordinated notes
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| Amount: | $25 million
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| Coupon: | 6% for first five years, then Libor plus 487 bps
|
| Maturity: | June 30, 2026
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| Distribution: | Private placement
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