By Wendy Van Sickle
Columbus, Ohio, Sept. 30 – Oxford Bank Corp. settled a $16 million private placement of 3.25% 10-year fixed-to-floating-rate subordinated notes on Sept. 29, according to a news release.
Interest accrues at 3.25% per year until Oct. 1, 2026. From Oct. 1, 2026 onwards, the notes will bear interest at a floating rate equal to SOFR plus 245 basis points.
PNC FIG Advisory was the placement agent.
Proceeds will be used for general corporate purposes.
Based in Oxford, Mich., Oxford Bank Corp. is the bank holding company parent of Oxford Bank.
| Issuer: | Oxford Bank Corp.
|
| Issue: | Fixed-to-floating-rate subordinated notes
|
| Amount: | $16 million
|
| Maturity: | Oct. 1, 2031
|
| Coupon: | 3.25% until Oct. 1, 2026, then at SOFR plus 245 bps
|
| Call feature: | In whole or in part at par starting Oct. 1, 2026
|
| Agent: | PNC FIG Advisory
|
| Settlement date: | Sept. 30
|
| Distribution: | Private placement
|
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