By Wendy Van Sickle
Columbus, Ohio, March 11 – PBCO Financial Corp. sold $25 million of 3.875% fixed-to-floating rate subordinated notes due March 15, 2032 in a private placement, according to a news release.
Interest will be fixed at 3.875% until March 15, 2027, then will reset quarterly at SOFR plus 242 basis points.
The notes are callable starting March 15, 2027.
PBCO plans to use the proceeds for general corporate purposes.
D.A. Davidson & Co acted as placement agent.
Based in Medford, Ore., PBCO Financial is the parent company of People’s Bank of Commerce, a full-service community bank.
| Issuer: | PBCO Financial Corp.
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| Amount: | $25 million
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| Issue: | Fixed-to-floating rate subordinated notes
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| Maturity: | March 15, 2032
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| Placement agent: | D.A. Davidson & Co.
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| Dividend: | 3.875% until March 15, 2027, then will float at SOFR plus 242 bps
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| Price: | Par
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| Call: | In whole or in part after five years at par
|
| Settlement date: | March 11
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| Distribution: | Private placement
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