By Wendy Van Sickle
Columbus, Ohio, June 23 – Southern BancShares (N.C.) Inc. settled an $80 million private placement of 3.125% fixed-to-floating rate subordinated notes due 2031 on June 23, according to a news release. Raymond James & Associates, Inc. was the agent.
Interest accrues at 3.125% per year up to, but excluding, June 30, 2026 and then at a floating rate equal to SOFR plus 241 basis points.
The notes are redeemable at par on June 30, 2026 and on any interest payment date after that.
Proceeds will be used for general corporate purposes.
Southern BancShares is the Mount Olive, N.C.-based holding company for Southern Bank and Trust Co.
| Issuer: | Southern BancShares (N.C.), Inc.
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| Issue: | Fixed-to-floating rate subordinated notes
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| Amount: | $80 million
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| Maturity: | 2031
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| Agent: | Raymond James & Associates, Inc.
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| Coupon: | 3.125% until June 30, 2026, then at SOFR plus 241 bps
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| Call: | At par on June 30, 2026 and on any interest payment date after that
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| Settlement date: | June 23
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| Distribution: | Private placement
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