Sussex Bancorp Announces Completion of a Private Placement of $15 Million of Subordinated Notes Due 2026
SUSSEX BANCORP (SBBX)
Last sussex bancorp earnings: 4/29 04:30 pm
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US:NASDAQ Investor Relations:
sussexbank.com/about/corporate-profile
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Source: GlobeNewswire
ROCKAWAY, N.J., Dec. 22, 2016 (GLOBE NEWSWIRE) -- Sussex Bancorp (the “Company”) (Nasdaq:SBBX), the holding company for Sussex Bank (the “Bank”), today announced it has completed a private placement of $15 million in aggregate principal amount of fixed-to-floating rate subordinated notes (the “Notes”) to an institutional investor. The subordinated notes have a maturity date of December 22, 2026 and bear interest at the rate of 5.75% per annum, payable quarterly, for the first five years of the term, and then at a variable rate that will reset quarterly to a level equal to the then current 3-month LIBOR plus 350 basis points over the remainder of the term. The notes are redeemable after five years subject to satisfaction of certain conditions. The indebtedness evidenced by the subordinated notes, including principal and interest, is unsecured and subordinate and junior to general and secured creditors and depositors. The Notes were designed to qualify as Tier 2 capital under the Fe
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