New Issue: First US Bancshares places $11 million 3.5% 10-year fixed-to-floaters

By Devika Patel

Knoxville, Tenn., Oct. 4 – First US Bancshares, Inc. settled an $11 million private placement of 3.5% 10-year fixed-to-floating rate subordinated notes on Oct. 1, according to an 8-K filed with the Securities and Exchange Commission. Piper Sandler & Co. was the agent.

Interest accrues at 3.5% per year until Oct. 1, 2026. From then onwards, the notes will bear interest at a floating rate equal to SOFR plus 275 basis points.

Proceeds will be used for general corporate purposes.

The parent company of First US Bank is based in Birmingham, Ala.

Issuer:	First US Bancshares, Inc.
Issue:	Fixed-to-floating rate subordinated notes
Amount:	$11 million
Maturity:	Oct. 1, 2031
Coupon:	3.5% until Oct. 1, 2026, then at SOFR plus 275 bps
Call:	At par on any interest payment date on or after Oct. 1, 2026; prior to that at par under certain circumstances
Agent:	Piper Sandler & Co.
Settlement date:	Oct. 1
Distribution:	Private placement

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