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Tucker Ellis Represents Client as Placement Agent in Private Placement of $15 Million in Subordinated Notes

April 2020
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On April 24, a team of Tucker Ellis attorneys led by Glenn Morrical and including Dan Schiau and Dana Rogers represented Performance Trust Capital Partners, LLC as placement agent for First State Bancorp, Inc. in completing the private placement of $15 million in 10-year fixed-to-floating rate subordinated notes. The notes bear interest at 5.25% for five years and then bear interest at 90-day Average SOFR plus 479 basis points.

The subordinated debt is structured such that it qualifies as Tier 2 capital at the holding company. In addition to general corporate purposes, the Company intends to use the net proceeds for potential future strategic opportunities.

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