By Wendy Van Sickle
Columbus, Ohio, Sept. 22 – First Capital Bancshares, Inc. settled a $7 million private placement of 4.15% 10-year fixed-to-floating rate subordinated notes, according to a news release.
Interest accrues at 4.15% per year for the first five years. From Sept. 1, 2026 onwards, the notes will bear interest at a floating rate equal to SOFR plus 367 basis points.
The notes are redeemable at par after five years.
Proceeds will be used for general corporate purposes and to augment the capital of First Capital Bank.
Based in Charleston, S.C., First Capital Bancshares provides banking services to domestic markets, principally in Charleston and Marlboro Counties, South Carolina and Scotland and Moore Counties, North Carolina.
| Issuer: | First Capital Bancshares, Inc.
|
| Issue: | Fixed-to-floating rate subordinated notes
|
| Amount: | $7 million
|
| Maturity: | Sept. 2, 2031
|
| Coupon: | 4.15% until Sept. 1, 2026, then at SOFR plus 367 bps
|
| Call: | Callable beginning Sept. 1, 2026 at par
|
| Announcement date: | Sept. 22
|
| Distribution: | Private placement
|
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