A pair of community banks have lined up funding through separate subordinated-debt agreements with a firm in the Cayman Islands.
Pathfinder Bancorp of Oswego, N.Y., disclosed in a regulatory filing that it had borrowed $10 million at an annual fixed rate of 6.25% from Community Funding. The debt is scheduled to mature in October 2025.
The $600 million-asset Pathfinder raised $26.4 million last year through a second-step conversion.
FS Bancorp in Mountlake Terrace, Wash., disclosed in a separate filing that it had lined up $10 million in financing through Community Funding. The $567 million-asset FS Bancorp said its debt, also set to mature in October 2025, had a 6.5% interest rate.