By Wendy Van Sickle
Columbus, Ohio, March 31 – Eagle Financial Services, Inc. issued $30 million of 10-year subordinated fixed-to-floating rate notes in an institutional private placement, according to a press release.
The notes start with a 4.5% interest rate. After April 1, 2027, interest will float quarterly at SOFR plus 235 basis points with a 0% SOFR floor.
The debt is redeemable at par starting April 1, 2027.
Piper Sandler & Co. worked as the placement agent.
Proceeds will be used for general corporate purposes, including a capital contribution to the Bank of Clarke County to support its continued organic growth.
The holding company for Bank of Clarke County is based in Berryville, Va.
| Issuer: | Eagle Financial Services, Inc.
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| Amount: | $30 million
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| Issue: | Fixed-to-floating rate subordinated debt
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| Maturity: | April 1, 2032
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| Placement agent: | Piper Sandler & Co.
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| Counsel to issuer: | Luse Gorman, PC
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| Counsel to bookrunner: | Kilpatrick Townsend & Stockton LLP
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| Coupon: | 4.5% starting rate; converts to SOFR plus 235 bps after April 1, 2027
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| Call features: | Starting April 1, 2027 at par and on any interest payment date thereafter
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| Announcement date: | March 31
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| Distribution: | Private placement
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