By Sarah Lizee
Olympia, Wash., Aug. 31 – FB Financial Corp. subsidiary FirstBank completed a private placement of $100 million of 4.5% fixed- to floating-rate subordinated notes due Sept. 1, 2030 to qualified institutional buyers and institutional accredited investors, according to a press release.
Interest will be 4.5% for the first five years. After that, it will be SOFR plus 439 basis points, subject to a SOFR floor of 0%.
FirstBank may redeem the notes in whole or in part on any coupon payment date starting on Sept. 1, 2025.
Piper Sandler & Co. was the lead placement agent. U.S. Bancorp Investments, Inc. and Stephens Inc. were co-placement agents.
Proceeds will be used for general corporate purposes.
The bank holding company is based in Nashville.
| Issuer: | FirstBank
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| Issue: | Fixed- to floating-rate subordinated notes
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| Amount: | $100 million
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| Maturity: | Sept. 1, 2030
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| Placement agents: | Piper Sandler & Co. as lead placement agent, with U.S. Bancorp Investments, Inc. and Stephens Inc. as co-placement agents
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| Coupon: | 4.5% for the first five years; after that, SOFR plus 439 bps, subject to 0% SOFR floor
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| Call: | In whole or in part on any coupon payment date starting on Sept. 1, 2025
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| Announcement date: | Aug. 31
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| Distribution: | Private placement
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