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Stewardship Financial in Midland Park, N.J., has issued $16.6 million in subordinated debt and plans to exit the Small Business Lending Fund program.
August 28 -
Bankwell Financial Group in New Canaan, Conn., has issued $25.5 million in subordinated debt and it plans to exit the Small Business Lending Fund program.
August 19 -
Bridge Bancorp in Bridgehampton, N.Y., has agreed to buy Community National Bank in Melville, N.Y.
December 15
Bridge Bancorp in Bridgehampton, N.Y., plans to issue $80 million in subordinated debt.
The $3.4 billion-asset company plans to use the proceeds for general corporate purposes, possible acquisitions and capital investments in Bridgehampton National Bank. Bridge expects its two separate offerings to close on Monday.
In one transaction, Bridge will issue $40 million of 5.25% fixed-to-floating rate notes due 2025. In the second transaction, it will issue $40 million of 5.75% fixed-to-floating rate notes due 2030.
The 5.25% notes carry a fixed rate through 2020, then resetting to the then-current three-month Libor plus 360 basis points.
The 5.75% notes carry a fixed rate through 2025, then switch to the then-current Libor plus 345 basis points.
Sandler O'Neill was lead manager for the offering and Keefe, Bruyette & Woods was co-manager. Luse Gorman Pomerenk & Schick is legal counsel.
