CCB Bankshares in South Hill, Va., has raised $3.5 million in a private placement of debt and will use some of the money to exit the Small Business Lending Fund.
The parent company of the $174 million-asset Citizens Community Bank sold subordinated notes that will mature in February 2026, it said in a news release Friday.
CCB plans to use the net proceeds to redeem its remaining $1 million in preferred stock issued to the U.S. Treasury as part of the SBLF program, as well as for general corporate purposes. The SBLF transaction requires regulatory approval.
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Citizens Community Bank in South Hill, Va., has redeemed about 75% of its outstanding preferred stock in the Small Business Lending Fund.
June 26 -
Citizens Community Bank in South Hill, Va., has hired a new chief financial officer.
May 7
The subordinated notes bear interest at a fixed rate of 7.00%. They are noncallable for five years and will qualify as Tier 2 regulatory capital, the release said.
CCB acted as its own placement agent for the private offering. LeClairRyan served as legal counsel.
