PBCO Financial Corporation Completes $25 Million Subordinated Note Offering

- Publicidad -

BCO Financial Corporation (the “Company”) (OTC Pink: PBCO), whose subsidiary is People’s Bank of Commerce (the “Bank”), today announced that it has completed a private placement of $25 million in fixed-to-floating rate subordinated notes due March 15, 2032 (the “Notes”) to certain qualified buyers and accredited investors. The Company intends to use the net proceeds for general corporate purposes, including support for continued organic growth and strategic initiatives.

The Notes are structured to qualify as Tier 2 capital for the Company for regulatory purposes and will carry a fixed rate of 3.875% until March 15, 2027. Thereafter, the Notes will pay interest at a floating rate, reset quarterly, equal to the then current three-month SOFR plus 242 basis points. The subordinated notes are redeemable by the Company at its option, in whole or in part, on any interest payment date on or after March 15, 2027, or at any time, in whole or in part, upon certain other specified events prior to the Notes’ maturity on March 15, 2032.

- Publicidad -

“We are very pleased with the excellent result of our subordinated note offering,” said Ken Trautman, Chief Executive Officer. “This offering provides us with low-cost capital which further strengthens our regulatory capital ratios and supports our strategic plans to continue growing the Bank,” added Trautman.

D.A. Davidson & Co. served as the sole placement agent for this offering. Miller Nash LLP served as legal counsel to the Company and Sheppard, Mullin, Richter & Hampton, LLP served as legal counsel to the placement agent.

- Publicidad -

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