By Devika Patel
Knoxville, Tenn., Dec. 11 – First Keystone Corp. settled a $25 million private placement of 4.375% fixed-to-floating rate subordinated notes due Dec. 31, 2030, according to a press release. Performance Trust Capital Partners, LLC was the agent.
Interest accrues at 4.375% per year for the first five years. From Dec. 31, 2025 onwards, the notes will bear interest at a floating rate equal to SOFR plus 411 basis points.
The notes are redeemable at par after five years.
The Berwick, Pa., holding company for First Keystone Community Bank will use the proceeds to continue to meet regulatory capital requirements, increase the regulatory lending ability of the bank and support the bank’s organic growth initiatives.
| Issuer: | First Keystone Corp.
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| Issue: | Fixed-to-floating rate subordinated notes
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| Amount: | $25 million
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| Maturity: | Dec. 31, 2030
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| Coupon: | 4.375% until Dec. 31, 2025, then at SOFR plus 411 bps
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| Call: | At par on or after Dec. 31, 2025
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| Agent: | Performance Trust Capital Partners, LLC
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| Announcement date: | Dec. 11
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| Distribution: | Private placement
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