Bryn Mawr Bank Corporation Announces Sale of $70 Million of 4.25% Subordinated Notes Due 2027
Bryn Mawr Bank Corporation (BMTC)
Last bryn mawr bank corporation earnings: 4/20 05:15 pm
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Source: GlobeNewswire
BRYN MAWR, Pa., Dec. 13, 2017 (GLOBE NEWSWIRE) -- Bryn Mawr Bank Corporation (NASDAQ:BMTC) (the “Corporation”), parent of The Bryn Mawr Trust Company (the “Bank”), today announced that it has completed an underwritten public offering of $70 million in aggregate principal amount of 4.25% Fixed-to-Floating Rate Subordinated Notes (the “Notes”). The Notes have a stated maturity date of December 15, 2027. The Corporation may redeem the Notes on December 22, 2022 or any interest payment date thereafter, as well as upon certain earlier events. The Notes will bear interest at a fixed rate of 4.25% per year from the date of issuance through December 14, 2022, and thereafter will bear interest, until maturity or earlier redemption, at a variable annual rate that will reset quarterly to a level equal to the then current 3-month LIBOR plus 205.0 basis points. The Notes were issued at the holding company level, and have been structured to qualify as Tier 2 capital under regulatory guideline
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