-
ConnectOne Bancorp in Englewood Cliffs, N.J., expects to record a charge in the fourth quarter tied to an online fraud scheme.
November 12 -
Xenith Bankshares in Richmond, Va. has issued $8.5 million in subordinated debt and plans to use the proceeds to exit the Small Business Lending Fund.
June 29 -
Univest Corp. of Pennsylvania in Souderton has issued $50 million in subordinated debt.
March 31
ConnectOne Bancorp in Englewood Cliffs, N.J., has issued $50 million in subordinated debt and intends to exit the Small Business Lending Fund program.
The parent company of the $3.5 billion-asset ConnectOne Bank plans to use the proceeds from its private placement to redeem $11.25 million in stock issued in 2011 the U.S. Treasury's Small Business Lending Fund. The remaining proceeds will be contributed to ConnectOne Bank as capital, fund future company growth and for other general corporate purposes.
The notes mature in 10 years and are non-callable for five years. They carry a 5.75% rate until July 2020, when the rate will reset quarterly to the then-current three-month Libor rate plus 393 basis points. The notes were issued to unnamed institutional investors.
Raymond James & Associates and Keefe, Bruyette & Woods were joint-placement agents for the offering.
