By Wendy Van Sickle
Columbus, Ohio, June 29 – Victory Bancorp issued $10 million of 10-year fixed-to-floating rate subordinated notes in a private placement, according to a Monday press release.
The notes bear interest at a rate of 6.25% per year to June 30, 2025, payable semiannually in arrears.
From June 30, 2025 through June 30, 2030 or any early redemption date, the interest rate on the notes will be reset quarterly to an interest rate per year equal to SOFR plus 613 basis points, payable quarterly in arrears.
Proceeds will be used for general corporate purposes.
Janney Montgomery Scott LLC was the placement agent.
The holding company for Victory Bank is based in Limerick, Pa.
| Issuer: | Victory Bancorp
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| Issue: | Fixed-to-floating rate subordinated notes
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| Amount: | $10 million
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| Maturity: | June 30, 2030
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| Placement agent: | Janney Montgomery Scott LLC
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| Coupon: | Initially 6.25%; beginning June 30, 2025, resets to SOFR plus 613 bps
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| Call: | Callable on any scheduled interest payment date beginning on June 30, 2025
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| Settlement date: | June 29
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| Distribution: | Private placement
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