By Wendy Van Sickle
Columbus, Ohio, Oct. 29 – InsCorp, Inc. settled a $10 million private placement of 3.75% 10-year fixed-to-floating rate subordinated notes, according to a news release.
Interest accrues at 3.75% per year for five years. From then onwards, the notes will bear interest at a floating rate equal to SOFR plus 287 basis points. The notes will also be redeemable starting Sept. 30, 2026.
Proceeds will support expansion and may be used to repurchase common stock.
InsCorp is the parent company of InsBank, which uses technology to offer personalized service.
| Issuer: | InsCorp, Inc.
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| Issue: | Fixed-to-floating rate subordinated notes
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| Amount: | $10 million
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| Maturity: | Oct. 31, 2031
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| Coupon: | 3.75% for five years, then at SOFR plus 287 bps
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| Call option: | Starting Sept. 30, 2026
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| Announcement date: | Oct. 29
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| Distribution: | Private placement
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