Subordinated debt

Heritage Southeast Bancorporation, Inc. Announces Completion of $20 Million Subordinated Notes Offering

Retrieved on: 
Tuesday, June 30, 2020
Banking, Professional services, Credit, Debt, Subordinated debt, Heritage Bank

Heritage Southeast Bancorporation, Inc. (HSBI) (OTCQX: HSBI) today announced the completion of a private placement of $20 million of 6.00% fixed-to-floating rate subordinated notes due 2030 (the Notes) to certain qualified institutional buyers and accredited investors.

Key Points: 
  • Heritage Southeast Bancorporation, Inc. (HSBI) (OTCQX: HSBI) today announced the completion of a private placement of $20 million of 6.00% fixed-to-floating rate subordinated notes due 2030 (the Notes) to certain qualified institutional buyers and accredited investors.
  • In addition to our announcement today regarding the completion of our subordinated notes offering, we continue to make strides on formalizing a solid growth plan for the company.
  • We believe the offering of these subordinated notes will give us the power we need to expand our footprint in the Southeast.
  • Heritage Southeast Bancorporation, Inc. serves as the holding company for Heritage Southeast Bank, which is headquartered in Jonesboro, GA and operates under the names Heritage Bank, The Heritage Bank, and Providence Bank in its various markets.

The Victory Bancorp, Inc. Completes Private Placement of $10.0 Million of Subordinated Notes

Retrieved on: 
Monday, June 29, 2020
Finance, Money, Economy, Credit, Debt, Subordinated debt, Subprime mortgage crisis, Great Recession in the United States

Victory Bancorp intends to use the net proceeds from this placement for retirement of existing debt, support organic growth, and for general corporate purposes.

Key Points: 
  • Victory Bancorp intends to use the net proceeds from this placement for retirement of existing debt, support organic growth, and for general corporate purposes.
  • Chairman and Chief Executive Officer Joseph W. Major stated: "We are pleased to announce the successful completion of our subordinated debt offering.
  • The proceeds will allow us to retire our existing subordinated notes at a lower interest rate and provide additional funds for continued growth.
  • The Victory Bancorp, Inc. is the parent company of The Victory Bank, a Pennsylvania state-chartered commercial bank headquartered in Limerick, Pennsylvania.

Delmar Bancorp Announces Completion of $17.8 Million Subordinated Notes Offering

Retrieved on: 
Thursday, June 25, 2020
Finance, Money, Economy, Debt, Troutman Sanders, Subordinated debt, NASDAQ

SALISBURY, Md., June 25, 2020 (GLOBE NEWSWIRE) -- Delmar Bancorp (the Company) (NASDAQ: DBCP), a multi-bank holding company, today announced that it has completed a private placement of $17.8 million in fixed-to-floating rate subordinated notes due 2030 (the Notes).

Key Points: 
  • SALISBURY, Md., June 25, 2020 (GLOBE NEWSWIRE) -- Delmar Bancorp (the Company) (NASDAQ: DBCP), a multi-bank holding company, today announced that it has completed a private placement of $17.8 million in fixed-to-floating rate subordinated notes due 2030 (the Notes).
  • In connection with this subordinated notes offering, the Company was advised by Piper Sandler & Co. as financial advisor, and Troutman Sanders LLP as legal counsel.
  • Beginning on July 1, 2025 through maturity, the Notes may be redeemed, at the Companys option, on any scheduled interest payment date.
  • In addition to our announcement today regarding the completion of our subordinated notes offering, earlier last month we announced our listing on the Nasdaq Capital Market.

KBRA Assigns Ratings to Enterprise Bancorp, Inc.

Retrieved on: 
Thursday, June 25, 2020
Consulting, Banking, Professional services, Finance, Finance, Money, Economy, Credit, Kroll Bond Rating Agency, Debt, Bond credit rating, Credit rating agency, Nationally recognized statistical rating organization, Unsecured debt, Subordinated debt, Credit rating

Kroll Bond Rating Agency (KBRA) assigns a senior unsecured debt rating of BBB, a subordinated debt rating of BBB-, and a short-term debt rating of K3 for Lowell, Massachusetts based Enterprise Bancorp, Inc. (NASDAQ: EBTC).

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns a senior unsecured debt rating of BBB, a subordinated debt rating of BBB-, and a short-term debt rating of K3 for Lowell, Massachusetts based Enterprise Bancorp, Inc. (NASDAQ: EBTC).
  • In addition, KBRA assigns deposit and senior unsecured debt ratings of BBB+, a subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 for its subsidiary, Enterprise Bank and Trust Company.
  • The ratings are underpinned by a strong core deposit franchise that continues to support EBTCs durable and above-average NIM.
  • KBRA is a full-service credit rating agency registered as an NRSRO with the U.S. Securities and Exchange Commission.

KBRA Assigns Ratings to MidWestOne Financial Group, Inc.

Retrieved on: 
Wednesday, June 24, 2020
Banking, Other Professional Services, Professional services, Finance, Finance, Money, Economy, Credit, Kroll Bond Rating Agency, Structured finance, Bond credit rating, Unsecured debt, Credit rating agency, Subordinated debt, Tranche, Debt

Kroll Bond Rating Agency (KBRA) assigns a senior unsecured debt rating of BBB, a subordinated debt rating of BBB-, and a short-term debt rating of K3 for Iowa City, Iowa-based MidWestOne Financial Group, Inc. (NASDAQ: MOFG) (MidWestOne or the company).

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns a senior unsecured debt rating of BBB, a subordinated debt rating of BBB-, and a short-term debt rating of K3 for Iowa City, Iowa-based MidWestOne Financial Group, Inc. (NASDAQ: MOFG) (MidWestOne or the company).
  • In addition, KBRA assigns deposit and senior unsecured debt ratings of BBB+, a subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 for its subsidiary, MidWestOne Bank.
  • KBRA positively views the diversification efforts in recent yearswith management effectively expanding its footprint, business lines, and loan book through M&A and team lift outs.
  • However, KBRA notes that earnings have benefited from a considerable amount of purchase accounting accretion income (contributing 37 bps to NIM in 2019).

KBRA Assigns Ratings to Olympic Bancorp, Inc.

Retrieved on: 
Monday, June 22, 2020
Banking, Professional services, Finance, Finance, Money, Economy, Credit, Kroll Bond Rating Agency, Bond credit rating, Nationally recognized statistical rating organization, Credit rating agency, Unsecured debt, Credit rating, Subordinated debt, Debt

Kroll Bond Rating Agency (KBRA) assigns a senior unsecured debt rating of BBB, a subordinated debt rating of BBB-, and a short-term debt rating of K3 for Port Orchard, Washington based Olympic Bancorp, Inc. (OBI, Olympic or the company).

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns a senior unsecured debt rating of BBB, a subordinated debt rating of BBB-, and a short-term debt rating of K3 for Port Orchard, Washington based Olympic Bancorp, Inc. (OBI, Olympic or the company).
  • In addition, KBRA assigns deposit and senior unsecured debt ratings of BBB+, a subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 for Kitsap Bank, the lead subsidiary.
  • The companys ratings are constrained by a spread-reliant revenue stream with fee income sources generally contributing less than 20% of total revenues.
  • KBRA is a full-service credit rating agency registered as an NRSRO with the U.S. Securities and Exchange Commission.

KBRA Assigns Ratings to Banner Corporation

Retrieved on: 
Monday, June 22, 2020
Consulting, Banking, Professional services, Finance, Finance, Money, Economy, Credit, Debt, Kroll Bond Rating Agency, Credit rating agency, Unsecured debt, Subordinated debt, Bond credit rating, Banner Bank, Subordination

Kroll Bond Rating Agency (KBRA) assigns a senior unsecured debt rating of BBB+, a subordinated debt rating of BBB, and a short-term debt rating of K2 for Walla Walla, Washington-based Banner Corporation (NASDAQ: BANR) (the company).

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns a senior unsecured debt rating of BBB+, a subordinated debt rating of BBB, and a short-term debt rating of K2 for Walla Walla, Washington-based Banner Corporation (NASDAQ: BANR) (the company).
  • In addition, KBRA assigns deposit and senior unsecured debt ratings of A-, a subordinated debt rating of BBB+, and short-term deposit and debt ratings of K2 for Banner Bank, the lead subsidiary.
  • The ratings are supported by BANRs highly experienced management team that executes a higher touch commercially oriented banking model over a reasonably broad geographic footprint.
  • KBRA continues to monitor the potential direct and indirect effects of the coronavirus on the banking sector, among others.

Horizon Bancorp, Inc. Announces Pricing of Subordinated Notes Offering

Retrieved on: 
Wednesday, June 17, 2020
Credit, Debt, Subordinated debt

MICHIGAN CITY, Ind., June 17, 2020 (GLOBE NEWSWIRE) -- (NASDAQ GS: HBNC) Horizon Bancorp, Inc. (Horizon or the Company) announced today the pricing of its public offering of $60 million aggregate principal amount of 5.625% fixed-to-floating rate subordinated notes due 2030 (the Subordinated Notes).

Key Points: 
  • MICHIGAN CITY, Ind., June 17, 2020 (GLOBE NEWSWIRE) -- (NASDAQ GS: HBNC) Horizon Bancorp, Inc. (Horizon or the Company) announced today the pricing of its public offering of $60 million aggregate principal amount of 5.625% fixed-to-floating rate subordinated notes due 2030 (the Subordinated Notes).
  • The closing of the offering of the Subordinated Notes is subject to customary closing conditions and is expected to close on June 24, 2020.
  • The Subordinated Notes are being offered pursuant to a prospectus supplement and an accompanying base prospectus describing the terms of the offering.
  • Horizon Bancorp, Inc. is an independent, commercial bank holding company serving Indiana and Michigan through its commercial banking subsidiary, Horizon Bank.

KBRA Assigns Ratings to FB Financial Corporation

Retrieved on: 
Wednesday, June 17, 2020
Consulting, Banking, Professional services, Finance, Finance, Money, Economy, Credit, Debt, Kroll Bond Rating Agency, Bond credit rating, Credit rating agency, Unsecured debt, Subordinated debt

Kroll Bond Rating Agency (KBRA) assigns a senior unsecured debt rating of BBB, a subordinated debt rating of BBB-, and a short-term debt rating of K3 to Nashville, TN based FB Financial Corporation (NYSE: FBK) (FB Financial or the company).

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns a senior unsecured debt rating of BBB, a subordinated debt rating of BBB-, and a short-term debt rating of K3 to Nashville, TN based FB Financial Corporation (NYSE: FBK) (FB Financial or the company).
  • In addition, KBRA assigns deposit and senior unsecured debt ratings of BBB+, a subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 to its subsidiary, FirstBank.
  • A conservative approach to capital management following its IPO in 2016, which has driven a TCE measure that recently tracked at +9%, is also additive to the ratings.
  • The ratings are also supported by a defensible position in key operating markets, including the sixth largest deposit market share in TN.

Eagle Bancorp Montana Announces Private Placement of Fixed to Floating Rate Subordinated Notes

Retrieved on: 
Wednesday, June 10, 2020
EagleBank, Subordinated debt

HELENA, Mont., June 10, 2020 (GLOBE NEWSWIRE) -- Eagle Bancorp Montana, Inc. (Nasdaq: EBMT) (the Company), holding company for Opportunity Bank of Montana (the Bank), today announced that it has sold $15 million in subordinated notes to certain qualified institutional accredited investors through a private placement offering.

Key Points: 
  • HELENA, Mont., June 10, 2020 (GLOBE NEWSWIRE) -- Eagle Bancorp Montana, Inc. (Nasdaq: EBMT) (the Company), holding company for Opportunity Bank of Montana (the Bank), today announced that it has sold $15 million in subordinated notes to certain qualified institutional accredited investors through a private placement offering.
  • The subordinated notes were issued on June 10, 2020 and will mature on July 1, 2030.
  • The Company estimates that the net cash proceeds from the sale of the subordinated notes will be approximately $14.7 million, and the subordinated notes are expected to qualify as Tier 2 capital for regulatory purposes.
  • The shares of Eagle Bancorp Montana, Inc. common stock are traded on the NASDAQ Global Select Market under the symbol EBMT.