Quontic sells $8 million preferreds; Aura announces $10 million loan

By Devika Patel

Knoxville, Tenn., March 5 – Thursday brought two private placements to market.

New York-based Quontic Bank Acquisition Corp., the parent company of Quontic Bank, priced and settled an $8 million private placement of 5.99% fixed-to-floating rate non-cumulative perpetual preferred stock.

Also, San Francisco-based Aura, a provider of small, affordable loans to working families, negotiated a $10 million senior loan with Bridge Bank.

Quontic raises $8 million

Quontic Bank Acquisition sold 8,000 5.99% fixed-to-floating rate non-cumulative perpetual preferreds at $1,000 apiece for $8 million. Dividends will accrue at 5.99% initially, then at a floating rate.

Aura secures $10 million

Aura negotiated a $10 million senior loan with Bridge Bank.

The financing will be used to support the company's expansion as it provides affordable financial service products to underserved communities.

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