EXTON, PA — First Resource Bank (OTCQX: FRSB) announced the completion of its $6 million subordinated notes offering. Proceeds from the private placement of the notes will be utilized to support regulatory capital ratios and to retire existing subordinated debt previously issued at a rate of 6.50%.
The new notes have a maturity date of September 15, 2030 and carry a fixed rate of interest of 6.00%, with a callable date of September 15, 2025. These subordinated notes have been structured to qualify as Tier 2 capital for regulatory purposes.
“We are delighted to announce the successful completion of our subordinated debt offering,” commented First Resource Bank President & CFO, Lauren Ranalli.
“The positive response of our investors speaks not only to the attractive nature of this offering, but also the Bank’s strength. This additional capital will allow us to further support the Bank’s strategic growth initiatives and continue serving the financial needs of our community.”
First Resource Bank, headquartered in Exton, PA, is a locally owned and operated Pennsylvania state-chartered bank, serving the banking needs of businesses, professionals and individuals in the Delaware Valley.
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