By Wendy Van Sickle
Columbus, Ohio, Jan. 20 – Southern National Bancorp of Virginia, Inc. closed a $27 million sale of fixed-to-floating rate subordinated notes due 2027, according to a press release.
The notes will bear interest at 5 7/8% until Jan. 31, 2022 when interest will become Libor plus 395 basis points.
The company plans to use proceeds for general corporate purposes, including contributing capital to its bank subsidiary to support continued growth.
The bank holding company is based in McLean, Va.
| Issuer: | Southern National Bancorp of Virginia, Inc.
|
| Issue: | Fixed-to-floating rate subordinated notes
|
| Amount: | $27 million
|
| Maturity: | 2027
|
| Coupon: | 5 7/8% until Jan. 31, 2022, then Libor plus 395 bps
|
| Announcement date: | Jan. 20
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