First Bank Announces Completion of $30 Million Subordinated Debt Offering
First Bank (FRBA)
Last first bank earnings: 4/27 04:30 pm
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US:NASDAQ Investor Relations:
firstbanknj.com/about/investor-relations.html
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Source: GlobeNewswire
HAMILTON, N.J., May 29, 2020 (GLOBE NEWSWIRE) -- First Bank (NASDAQ: FRBA) today announced the closing of a $30.0 million private placement of fixed-to-floating rate subordinated notes. The Bank plans to use the proceeds to redeem $22.0 million outstanding subordinated notes and for general corporate purposes. The notes have a maturity date of June 1, 2030, and carry a fixed rate of interest of 5.50% for the first five years. Thereafter, the notes will pay interest at a floating rate, reset quarterly, equal to the then current three-month SOFR plus 538 basis points. The notes may be redeemed at the option of the Bank, without penalty, on or after June 1, 2025. The subordinated notes have been structured to qualify as Tier 2 capital for regulatory purposes. President and Chief Executive Officer Patrick L. Ryan discussed the offering: "We are pleased to announce the successful completion of our subordinated debt offering. This new capital will allow us to retire our existing subo
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