Bryn Mawr Bank in Pennsylvania has issued $30 million in subordinated debt.
The $3 billion-asset company issued the notes, due 2025, in a private placement to unnamed institutional investors.
Bryn Mawr plans to use the proceeds to buy back stock, to cover costs of terminating its frozen pension plan, for possible acquisitions and for organic growth.
The notes carry an annual fixed rate of 4.75% until August 2020, when they will switch to a floating rate based on the then-current 3-month Libor plus 306.8 basis points.
Sandler O'Neill was financial adviser on the offering and Stradley Ronon Stevens & Young was legal counsel.