FNCB to accelerate $4 million repayment of subordinated debentures

By Wendy Van Sickle

Columbus, Ohio, Oct. 31 – FNCB Bancorp, Inc.’s board of directors approved on Friday the repayment of $4 million principal amount, or 28.6%, of its outstanding fixed-rate subordinated notes due Sept. 1, 2019, according to a press release.

The $4 million principal repayment on the notes, which was to be due and payable on Sept. 1, 2017, will be paid to noteholders on Dec. 1.

The repayment follows an accelerated partial repayment of $11 million on June 30, 2015 and the cure of all previously deferred interest for the Sept. 1, 2010 through Aug. 1, 2015 totaling $10.8 million on March 1, 2016.

FNCB resumed paying regular quarterly interest payments to noteholders on Sept. 1, 2015.

Dunmore, Pa.-based FNCB Bancorp is the bank holding company of FNCB Bank, which provides personal, small business and commercial banking services to individuals and businesses in Northeastern Pennsylvania.

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