Published on 9/16/2020 in the Prospect News Private Placement Daily.
New Issue: Potomac Bancshares places $10 million of 5% 10-year fixed-to-floaters
By Devika Patel
Knoxville, Tenn., Sept. 16 – Potomac Bancshares, Inc. settled a $10 million private placement of 5% 10-year fixed-to-floating-rate subordinated notes, according to a press release. Piper Sandler Co. was the agent.
Interest accrues at 5% per year until Sept. 15, 2025. From then onwards, the notes will bear interest at a floating rate equal to SOFR plus 487.4 basis points.
Proceeds will be used for general corporate purposes.
The holding company for Bank of Charles Town is based in Charles Town, W.Va.
| Issuer: | Potomac Bancshares, Inc.
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| Issue: | Subordinated notes
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| Amount: | $10 million
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| Maturity: | Sept. 15, 2030
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| Coupon: | 5% until Sept. 15, 2025, then at SOFR plus 487.4 bps
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| Call: | On or after Sept. 15, 2025
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| Agent: | Piper Sandler Co.
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| Announcement date: | Sept. 16
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| Distribution: | Private placement
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