Market Street Bancshares in Mount Vernon, Ill., has completed a $15 million debt offering.
The subordinated notes, issued Aug. 14, were placed with institutional accredited investors privately. The company plans to use the proceeds to increase capital, pursue growth initiatives and fund general corporate purposes, according to a press release.
The debt matures in 2025. The notes carry a fixed rate of 6.50% per year, to be paid quarterly.
FIG Partners served as sole placement agent to Market Street Bancshares.
Market Street Bancshares is the holding company for the $970 million-asset Peoples National Bank.